NEW YORK CITY—While the figures may differ slightly, new research from a trio of residential brokerage firms is in lockstep agreement on two key results. The apartment market in New York City is very strong entering 2016, and it has reached all-time highs in sale price in most neighborhoods.

For example, residential brokerage firm Compass in its fourth quarter Manhattan market report, released today, states that the median price for a Manhattan apartment surged to a new record high $1.24 million in the fourth quarter. New record median prices were also set on the Upper West Side at $1.3 million, Downtown at $1.7 million, Midtown West at $1.4 million and Midtown East at $923,000.

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