As Steve Cohen will not so happily tell you, when it comes to Manhattan apartments, no one’s buying. And it’s not just his portfolio of used pieds-a-terre that have gone wanting for buyers: It was the worst first quarter for Manhattan sellers in a decade, the sixth-straight quarter in which home purchases dropped. Inventory is up by a dozen percent on the UWS, sales are down 15% downtown, and 6,673 homes are looking for love.

And yet, the average sales price in Manhattan jumped almost 10% on the quarter. What gives?

Ken Griffin gives.

Hedge fund billionaire Ken Griffin’s $238 million purchase of a condo in Manhattan single-handedly boosted the average sales price in the borough…. Without the deal, the average sales price would have been $2,006,952, said Jonathan Miller, CEO of appraisal and research firm Miller Samuel. That means that Griffin’s purchase increased the average sales price by $112,188.

Billionaire Ken Griffin’s $238 million apartment helped boost the average Manhattan real estate price by 10% [CNBC]
Manhattan Home Sales Drop to Decade Low for a First Quarter [Bloomberg]

Related