Commercial sales weak through end of 2009, report says

Manhattan commercial property sales volume remained slow through the end of 2009, according to Eastern Consolidated’s fourth-quarter market report, released today. Total commercial property sales for the year were just $5.5 billion, down exponentially from the peak level of $62.8 billion in 2007, and less than a third of the total sales made in 2008. While Peter Hauspurg, CEO of Eastern Consolidated, said that “there is enormous pent-up energy in the market,” in a written statement, he added that market watchers should remain cautious. “Banks remain tight on lending, but some are starting to off-load loans bought or made during the peak,” Hauspurg said. “While there are plenty of buyers for these loans, the bid/ask gap is still wide.” TRD