The slump in America’s residential property market has reached the very top of the tree – Manhattan. The Times

The few square miles of upmarket central New York real estate is beginning to suffer the impact of this summer’s credit crisis. Wall Street bankers are delaying the purchase of new apartments, keenly aware that the country sits on the brink of recession, and boom in the Big Apple is showing signs of abating.

According to one of the leading experts on the Manhattan real estate market - Gregory Hymes, chief economist at the property company Brown Harris Stevens – although residential property prices hit a record high in the third quarter of the year, estate agents are beginning to see a slowdown in activity as Wall Street bankers guard their bonuses.