Manhattan investment sales at a two-year low

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 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.

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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