Sales of investment properties slows

The sale of investment properties has slowed dramatically in New York City, according to a new report released by PropertyShark.com. In the first quarter, according to the research firm’s Investment Properties Report, there were 2,991 sales in the first quarter of 2008, down 41.41 percent from last year. The number of sales has been declining since the fourth quarter of 2006. Manhattan had the largest decline in sales, down 49 percent, followed by the Bronx, where sales fell by 47 percent. Brooklyn had the smallest drop at 37 percent. The city’s median sale price fell .79 percent from the first quarter of 2007 to $625,000. The median price per square foot was $242, down 5.6 percent compared to last year. TRD