New York City real estate market cools slightly but remains strong. (04-OCT-05) Daily News (New York, New York) (via Knight-Ridder/Tribune Business News)

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New York City real estate market cools slightly but remains strong.

Publication: Daily News (New York, New York) (via Knight-Ridder/Tribune Business News)

Publication Date: 04-OCT-05

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Byline: Lore Croghan

Oct. 4--Small studio apartments were hot this summer in Manhattan, while the luxury market cooled -- sending the average sale price of all apartments down.

For the three months ending in September, Manhattan apartments sold for an average of $1.15 million -- a drop of 12.7 percent from the $1.32 million record set during the previous quarter, appraiser Miller Samuel announced.

Don't panic, recent home buyers. The city's real estate boom is not over, said the firm's CEO Jonathan Miller, who wrote the quarterly Prudential Douglas Elliman Manhattan Market...

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