New York City's real estate market is showing telltale signs of slowing after an extraordinary three-year run that saw average office rents in Manhattan jump by 20% – from just under $ 60 per square foot to more than $ 70 – and the median home price in the borough climb to a record-high $ 1.15 million from $ 800,000. Among the recent string of sobering reports is news that a 10-story building in Brooklyn Heights – one of three large properties being sold by the Jehovah's Witnesses there and in Dumbo – will fetch a price 25% below the $ 300 million or more for which it was initially projected to sell.
