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follow Patrick 2018 Apr 3, 3:28pm
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Real estate sales in Manhattan plunged 25 percent in the first quarter from a year ago, as the new federal tax law, stock market swings and a glut of luxury condos spooked buyers.Sales in the first quarter posted their largest drop in nearly a decade and reached their lowest level in more than six years, according to a report from Douglas Elliman and Miller Samuel. There were 2,180 sales in the first quarter, compared with 2,892 last year.Prices are also under pressure. The average sales price dropped 8 percent compared from the same quarter last year.