By Tom Acitelli on January 2, 2009
2008 is over, and we'll stop flogging it in a short bit. But here's some more sad investment sales numbers for Manhattan, according to Bloomberg News:
Only 20 property sales worth $5 million or more closed in the fourth quarter and there were only 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.Dana Rubinstein ran down similarly dreadful numbers exactly one month ago in The Observer:
According to Real Capital Analytics, Manhattan has seen only nine “office” space transactions of more than $2.5 million this quarter.
At the risk of inducing bitter reveries of good times past, the fourth quarter of 2007 saw 41 such transactions. Among them the Americas Tower at 1177 Sixth Avenue ($1 billion); the Brill Building at 1619 Broadway ($151 million); and the Helmsley Building at 230 Park Avenue ($1.15 billion).