price of walk-ups falling hard

http://therealdeal.com/newyork/articles/manhattan-mixed-use-property-values-fall-by-half-massey-knakal-realty-services-robert-knakal In other segments of the Manhattan market, the price of multi-family walk-up apartment sales fell 17 percent to $494 per square foot in 2009 from $599 per square foot in the same period in 2008, and elevator building prices fell to $468 per foot from $532 per square... [more]

http://therealdeal.com/newyork/articles/manhattan-mixed-use-property-values-fall-by-half-massey-knakal-realty-services-robert-knakal In other segments of the Manhattan market, the price of multi-family walk-up apartment sales fell 17 percent to $494 per square foot in 2009 from $599 per square foot in the same period in 2008, and elevator building prices fell to $468 per foot from $532 per square foot last year, the company reported. In northern Manhattan and the outer boroughs, walk-up prices fell as much as 41 percent. In Northern Manhattan, which last year had the top price per square foot for multi-family walk up buildings, prices dropped 41 percent to $124 per square foot from $211 per foot. Queens, which now has the most expensive walk-up prices in the outer boroughs, saw prices decline 13 percent, the smallest percentage drop in the city. The sale prices fell to $176 per square foot this year from $204 per square foot in the first half of 2008, the Massey Knakal figures show. Prices for walk-up apartment buildings in Brooklyn fell 18 percent to $148 per square foot, while in the Bronx they dropped 23 percent to $76 per square foot. [less]