Sales of multi-family and mixed-use buildings across the city dropped 37% in 2008—the steepest drop in two decades. The decline accelerated in the second half of 2008, when sales volume plummeted 45% from the same period a year ago, according to a new report.
The largest declines in transactions for properties valued between $500,000 and $100 million took place in Manhattan and the Bronx. There, sales volume dipped 54% and 60%, respectively, in the last half of 2008, according to the latest New York City Income Property Report by Miller Cicero, a commercial real estate advisory firm, and Massey Knakal Realty Services, a brokerage firm. Buildings in Brooklyn and Queens saw more modest declines of 38% each.