Jan. 2 (Bloomberg) -- Manhattan commercial real estate sales fell 66 percent to $17.09 billion in 2008, the lowest in four years, as the worldwide credit freeze sidelined buyers.
Only 20 property sales worth $5 million or more closed in the fourth quarter and there were 250 such deals in the year, according to Real Capital Analytics Inc., a New York-based real estate data service.
Fourth-quarter Manhattan transactions totaled $961 million, down 90 percent from the same period a year ago. Sales are declining as prices continue an 18-month slide. Job cuts among financial institutions and waning demand for office space have driven potential buyers from the market, said Stephen Pearlman, director of corporate finance in the New York office of Houlihan Lokey Howard & Zukin.
Sunday, January 4, 2009
New York City 2010
