Manhattan investment sales at a two-year low

August 20, 2008 04:55PM

 
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