Manhattan building sales off 92 percent from 2007 high

Building sales for the first three quarters of the year are down a stunning 92 percent in Manhattan compared to the same period at the height of the boom in 2007, a new report released today by investment sales brokerage Massey Knakal Realty Services shows.

Sales totaled $3.2 billion in the first nine months of 2009, a sharp decline compared to the same time in 2007, when there were $40 billion in investment sales, the firm reported. In the first three quarters of 2008, there were $18 billion in sales.

However, the situation has improved more recently on the building sales front. The number of sales in Manhattan jumped 270 percent in the third quarter of 2009 to $1.2 billion compared to the quarter earlier when there were $338 million in sales. TRD
Manhattan 3Q 09