Manhattan’s retail property sales volume surged in the fourth quarter, posting sevenfold increase, its strongest performance since 2007, according to preliminary data from Eastern Consolidated, cited by the New York Observer. The final quarter of 2012 saw nearly $13 billion in sales volume, which is the best increase since record-breaking sales volumes — fueled by fears of impending capital gains taxes – were posted. The market peaked in the second quarter of 2007 at $19 billion.
“This was definitely fiscal-driven growth,” Barbara Byrne Denham, Eastern Consolidated’s chief economist, said. “Sellers wanted to cash out and buyers knew it, so they were eager to come to the table as well.”
The data shows that total sales volume more than doubled from the third to the fourth quarter — from $5.9 billion to $12.5 billion, which according to Denham is likely top out at $13 billion. [NYO] –Christopher Cameron