Manhattan home prices surged to a record in the fourth quarter, propelled by closings of luxury deals in new developments that were agreed to years ago, when construction was just starting on many of the buildings.<br />The median price of all completed co-op and condominium purchases in the borough jumped 17 percent from a year earlier to $1.15 million, the highest in 27 years of record-keeping, according to a report Tuesday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.<br />That tops the previous peak of $1.03 million, set in the second quarter of 2008, before the collapse of Lehman Brothers Holdings Inc. triggered a plunge in property prices and a near standstill in sales.
