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Super-Luxury New York Apartment Sales Set New Record With the peak of the Manhattan Real Estate market looking like it has passed for the near term, many observers are waiting to see when the drop in the market's value will begin and how far down it will go. New York City Real Estate Market holding steady? While many predicted the first quarter of 2008 would finally show the New York City real estate market's connection to the ailing national market, the city's real estate actually dramatically increased in value during that time. Manhattan led the way for the rest of New York City, which increased its value by an estimated 28%. Cometh the Manhattan Buyers Market Perhaps because everyone in the industry has been waiting for New York City's real estate market to begin looking a bit more like the rest of the country's, the media's coverage of the last quarter's surprisingly strong numbers were almost celebratory.