Manhattan office sales plummet 76% in 2009

http://www.crainsnewyork.com/article/20100107/FREE/100109935 Total sales of $5.6 billion marks lowest figure in over a decade; third quarter proved strongest ahead of late-year ebb. Share Print Email Add a comment By Emily Laermer Sales volume peaked at a low level in the third quarter driven by several large transactions before easing again in the final quarter. Sales volume peaked at a low level... [more]

http://www.crainsnewyork.com/article/20100107/FREE/100109935 Total sales of $5.6 billion marks lowest figure in over a decade; third quarter proved strongest ahead of late-year ebb. Share Print Email Add a comment By Emily Laermer Sales volume peaked at a low level in the third quarter driven by several large transactions before easing again in the final quarter. Sales volume peaked at a low level in the third quarter driven by several large transactions before easing again in the final quarter. Commercial property sales in Manhattan shrank by a whopping 76.3% to $5.6 billion, from $23.6 billion in 2008 according to data released Thursday by Eastern Consolidated Real Estate Investment Services. It marked the lowest total in over a decade. Sales volume peaked at a low level in the third quarter driven by several large transactions before easing again in the final quarter noted Eastern Consolidated Chief Economist Barbara Byrne Benham. In the fourth quarter there were just two large office building transactions: 140 W. 57th St., which sold for $59 million and a partial stake in the Flatiron Building on Fifth Avenue which went for $52 million. On the plus side the number of deals struck in the final quarter actually rose by 16 from 58 in the previous three months. Only seven of the 74 fourth quarter sales were valued at over $10 million. As bad as last year’s dip was, 2008 was worse. Sales in that year were down $39.2 billion from the peak year of 2007, more than double last years’ fall. Ms. Benham is cautiously optimistic about the market this year. “We are now in a quarter where banks are more comfortable,” she said. “I am optimistic transactions will pick up, but will it be substantially more? I doubt it.” [less]