Building sales double in Q3, report shows

TRD New York /
Nov.November 17, 2009 02:02 PM

The commercial real estate market has shown moderate improvement
quarter-over-quarter, but still not enough to compensate for the
battering the industry has endured over the last year, according to
a new report from commercial brokerage Eastern Consolidated. One bright spot in the
report is commercial building sales performance among non-multi-family
properties. Sales volume among those properties hit $1.08 billion in
the third quarter, nearly double the $510 million seen in the second
quarter this year. Even so, the report points out that this uptick in
volume is due largely to the sale of two buildings, 825 Eighth Avenue
and 70 Pine Street, rather than a broad-based improvement. The report
is equally ambivalent on the subject of multi-family property sales.
While the data “clearly indicates a turnaround in Manhattan
multi-family sales,” the sales volume has much room
for improvement. The third quarter saw 101 multi-family buildings
closed, up from 66 in the previous quarter, while price per square foot
inched up to $271 from $260. TRD


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

Global City Development principal Brian Pearl (Credit: iStock)

The $2.5B plan to lure millennials into new houses

Seth Schochet, Drew Goldsmith and 201 West 77th Street (Credit: Google Maps)

Large, low-key landlord snags UWS building for $100M+

A&E Real Estate Holdings principal Douglas Eisenberg and the properties along Queens Blvd and 65th Avenue (Credit: The Rego Park 18 Portfolio)

A&E Real Estate buys huge rent-stabilized portfolio at deep discount

Community Renewal CEO RuthAnne Visnauskas and Citywide Support director Dino Panagoulias  NYS Homes (Credit: LinkedIn, iStock)

Landlords lob another lawsuit at new rent law

29-28 41st Street, and from left: Arik Lifshitz Amit Doshi, Adan Elias Kornfeld, Jonathan Shainberg and David Schechtman (Credit: Google Maps)

Long Island City building fetches $47M in wake of rent law

arrow_forward_ios
Loading...