NYC building sales: Bulls vs. bears

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From the August issue: Is it a bull or a bear market for New York City’s commercial real estate investment sales?

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On the positive side, Cushman & Wakefield reports property sales (over $10 million) closed and under contract for the first six months of the year totaled $5.8 billion, up 132 percent from the $2.5 billion closed and under contract at midyear 2009. According to Eastern Consolidated, sales of multifamily residential for the first half of the year totaled $1.96 billion, up from $560 million in the first half of last year. And Massey Knakal reports that during the first half of the year, $6.48 billion in sales took place in the five boroughs, up 131 percent from the same period a year ago.

This data makes many of New York’s prominent real estate leaders cautiously optimistic about the state of the market. [more]