NYC Commercial Sales Reach Four-Year High

    SANTA BARBARA, CA, October 23, 2012 /24-7PressRelease/ -- The third quarter of 2012 saw the largest number of NYC commercial transactions in the past 4 years, accounting for 914 recorded sales. The number of transactions is up by 9% Q-o-Q and up by 25% compared with the same quarter of last year.

The total commercial sales volume, amounting to $6.06 billion, increased by 4% compared to the previous quarter and is down by 36% Y-o-Y.

The office market, which makes up for 60% of all New York City commercial real estate transactions, accounted for $3.66 billion, up 22% Q-o-Q and down 40% Y-o-Y.

Manhattan continues to be the number-one borough regarding sales volume, accounting for $4.52 billion (75%) in Q3 2012. The second place is occupied by Queens, with $723 million in sales volume.

Looking at the neighborhood level, Midtown comes in first place with $1.96 billion in sales volume. The figure is more than double that of the previous quarter, but 18% down Y-o-Y.

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