The Real Deal New York

NYC commercial property sales market rebounds in 2011, despite slow fourth quarter

Commercial property sales in New York City rebounded powerfully in 2011, as sales volume increased 32 percent from 2010 on 8 percent more transactions, according to a report released today by PropertyShark.com.

In all, 3,453 properties sold (six more than did in 2010) in 2,986 transactions for a total of $24.17 billion. The last time commercial property sales volume surpassed $20 billion in the city was 2007, when 5,466 properties sold for a total of $49.18 billion. That year was also the last time the median sales price of commercial real estate was greater than the $1.07 million recorded in 2011, which was up 7 percent from 2010.

Last year, 448 of the transactions were worth more than $5 million, up 4 percent from 2010.

Despite the strong showing, 2011 weakened substantially by the fourth quarter, the data shows. The 837 transactions recorded in the quarter were 5 percent fewer than the third quarter and 14 percent less than the final three months of 2010. Similarly, total sales volume plummeted 53 percent quarter-over-quarter and 47 percent month-over-month to $4.42 billion. — Adam Fusfeld