Manhattan real estate is already taking a major hit from the economic crisis, reports the New York Times. Median property prices in Harlem are down nearly 20%, and east midtown condos have plunged more than 18%. The downturn will eventually rock even the toniest neighborhoods, experts predict. Sales have slowed significantly, with 24% fewer homes selling in the last three months compared with the same period last year.
"The fourth quarter report will slow prices down across the board in every neighborhood,” predicted an analyst. “There’s a lot of nervousness out there.”