Manhattan investment sales at a two-year low

New York /
Aug.August 20, 2008 04:55 PM

 
Manhattan had 86 investment sales during the second quarter of 2008, falling 51.1 percent from last year’s second quarter and reaching its lowest level in two years, according to a second quarter report by PropertyShark.com that examines multifamily homes.

The median price per square foot in Manhattan surpassed $600 for the first time, reaching $617, a 36.9 percent increase from the same time last year.

Brooklyn and Queens also saw a two-year low in sales. Brooklyn had 1,181 sales in the second quarter, down 30.6 percent from last year. Queens had 1,135 sales, a 20.9 percent decrease from the second quarter last year.

Brooklyn’s median price per square foot for multi-family properties fell 2.6 percent from last year to $237, and Queens decreased 9.2 percent to $266.

Sales in the Bronx fell 37.5 percent from the prior year to 382, and the borough’s median price per square foot decreased 5.3 percent to $176.

Staten Island saw 201 sales, a 34.5 percent decrease from last year, and a median price-per-square-foot decrease of 9.8 percent to $216.

Overall, the city saw a 29.4 percent decrease in sales. TRD


Related Articles

arrow_forward_ios
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
HFZ's Ziel Feldman (The XI)
HFZ set to lose stake in $2B XI condo project
HFZ set to lose stake in $2B XI condo project
What tenants pay at Aby Rosen’s 980 Madison Avenue
What tenants pay at Aby Rosen’s 980 Madison Avenue
What tenants pay at Aby Rosen’s 980 Madison Avenue
(Illustration by Alexis Manrodt for The Real Deal)
The Real Deal’s Prodigy exposé wins NY Press Club Award
The Real Deal’s Prodigy exposé wins NY Press Club Award
The penthouse in Lightstone's 40 East End was the most expensive contract, with developer David Edelstein of TriStar Capital selling the second priciest (Lightstone, Getty)
After early-July lull, Manhattan luxury deals are on the upswing again
After early-July lull, Manhattan luxury deals are on the upswing again
Brad Inman and Beringer Capital's Perry Miele (Inman, Beringer)
Inman acquired by private equity firm Beringer Capital
Inman acquired by private equity firm Beringer Capital
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...