Commercial property sales in New York City rebounded powerfully in 2011, as sales volume increased 32 percent from 2010 on 8 percent more transactions, according to a report released today by PropertyShark.com.
In all, 3,453 properties sold (six more than did in 2010) in 2,986 transactions for a total of $24.17 billion. The last time commercial property sales volume surpassed $20 billion in the city was 2007, when 5,466 properties sold for a total of $49.18 billion. That year was also the last time the median sales price of commercial real estate was greater than the $1.07 million recorded in 2011, which was up 7 percent from 2010.
Last year, 448 of the transactions were worth more than $5 million, up 4 percent from 2010.
Despite the strong showing, 2011 weakened substantially by the fourth quarter, the data shows. The 837 transactions recorded in the quarter were 5 percent fewer than the third quarter and 14 percent less than the final three months of 2010. Similarly, total sales volume plummeted 53 percent quarter-over-quarter and 47 percent month-over-month to $4.42 billion. — Adam Fusfeld