NYC Property Sales Defy Expectations, Go Nowhere
(Crain’s) — Despite signs of an upturn in other parts of the market, the volume of properties sold citywide showed little change during the first quarter, compared to the same period a year ago, according to a Tuesday report. Manhattan recorded the strongest activity, while Brooklyn was the weakest.
During the first three months of the year, 373 properties sold, up 2.8% from the hugely depressed levels of a year earlier, according to the report by Massey Knakal Realty Services. The latest quarterly figures were far below the market’s peak of the first quarter of 2007, when there were 1,353 transactions.