The Real Estate Group released a report on Wednesday that says the average price of one- and two-bedroom apartments in Manhattan went down over the last month. But the price of studio apartments went up.

Real Estate Group Chief Operating Office Daniel Baum says that anticipated job cuts and the sagging dollar 'have planted seeds of doubt in the minds' of many New Yorkers. He says they are responding by sacrificing space and service for cheaper apartments.

But Manhattan apartments still don't come cheap. The average price of a one-bedroom in a doorman building in SoHo will still run you US$4,100 (S$5,694). -- AP