Apartment building sales slow

New York /
May.May 15, 2008 12:46 PM

The number of apartment buildings sold in the city dropped last year, indicating prices could stabilize or drop this year, according to a report prepared by appraiser Miller Cicero for brokerage Massey Knakal.

The report, which doesn’t track Staten Island, said the number of buildings sold dropped 16.9 percent compared to the year’s first half. The price per square foot for apartment buildings increased to $234, up only 1.3 percent from the first half of the year.

Below 96th Street in Manhattan, walk-up buildings posted the highest price increase of any building type, increasing 29 percent from the second half of 2006 to $605 per square foot. But sales of those buildings dropped by nearly 50 percent from the year’s first half to the second half, while sales of buildings of all types below 96th Street fell 26.1 percent.

Over the same period, building sales fell 29.5 percent in Northern Manhattan, 24.1 percent in the Bronx, 7.3 percent in Brooklyn and 4.2 percent in Queens. TRD


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