The total amount of new commercial debt issued in the city’s three most
populous boroughs fell slightly in the first half of the year compared with the
same period in 2010, new data provided by PropertyShark.com to The Real Deal
shows, even as commercial sales have rebounded strongly from the recession.
There were $5.2 billion in new commercial mortgages filed with the city through
June 27 of this year for Manhattan, Brooklyn and Queens. That’s down 7 percent
from the same six-month period in 2010, when $5.6 billion in new mortgages
were inked, but up from the first half of 2009, when $4.8 billion in new mortgages
were filed (see chart above).
The anemic rate over the past three years represents an approximately 60
percent decline from the level of the $13.2 billion in new mortgages filed in the
first half of 2008.
In contrast, investment sales in the five boroughs fell from $19 billion in 2008 to
$4 billion in 2009, then rebounded to $12 billion in 2010, data from investment
sales firm Massey Knakal Realty Services shows (see chart comparing mortgage and sales data after the jump). … [more]