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NYC apartment prices on the rise

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The latest quarterly real estate reports are out and the news is a little discouraging: prices in New York City are still going up, and inventory keeps shrinking. So what's a prospective buyer or renter to do? We went in search of some helpful tips.

Tara Gallegos has been pounding the pavement with her broker in search of a Manhattan apartment but with h the price and tight inventory. It's been a challenge.

Hana Alberts, the senior editor of real estate blog Curbed NY, says finding a city apartment at a relatively reasonable price is tough but not impossible.

In the current market apartments are being snatched up before you can say "square footage." According to real estate site Street Easy listings lasted an average of 89 days in the first quarter of the year, the lowest recorded by the site since it started tracking data in 1995.

Alberts says if you're a serious buyer, go into a viewing prepared to move fast. When it comes to value in Manhattan, Alberts says your bet best is on the Upper East Side. And finally, she says don't give up: in the land of $25 million penthouses, the thrill of finding a great apartment can be in the hunt.

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