Building sales fell in 2008

March 23, 2009 04:19PM

Multi-family and
mixed-use building sales in the city fell 37 percent last year, the
steepest drop in two decades, according to the New York City Income
Property Report, compiled by Massey Knakal Realty Services and Miller Cicero. The largest declines in transactions for properties
valued between $500,000 and $100 million were in the Bronx, where sales fell 60 percent, and in Manhattan, where sales
fell 54 percent.
Building sales in Brooklyn and Queens fell 38 percent each. Prices for
multi-family buildings, however, held steady during the second half of
2008 at $226 per square foot, up from $222 in the first half of the
year. John Cicero, managing principal at Miller Cicero, said he expects to see
prices fall this year as prices tend to trail sales volume.

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