Manhattan’s luxury rents hit a record price per square in February. Last month, rents in the New York borough’s luxury sector—defined as the top 10% of the market—hit $104.86 per square foot, up 14.6% from last year and the highest it’s been on record, according to a report from Douglas Elliman on Thursday.

Manhattan's median apartment rent surged 4% to $4,730, while Brooklyn's rent remained steady at $3,995. New data from Corcoran reveals a 16% decrease in Manhattan lease signings and a 9% drop in Brooklyn leasing activity.

Manhattan apartment rents soared to a record high in February amid intense competition, including bidding wars in a more than a quarter of all deals.