Brokerage Brown Harris Stevens and Halstead Property LLC recently reported that New York real estate sales rose by 1 per cent, while the medium price sank 4 per cent to around $850,000.

Sofia Song, vice president of broker listing compiler StreetEasy.com, said “The market is bipolar. You have the luxury market driven by foreign demand, with foreigners finding Manhattan to be a relative bargain. On the other hand, you have entry-level demand with domestic buyers trying to take advantage of the record-low interest rates.”