Bloomberg News has reported: Only 20 property sales worth $5 million or more closed in the fourth quarter and there were only 250 such deals in the year.
Fourth-quarter Manhattan transactions totaled $961 million, down 90 percent from the same period a year ago.
Office space is in even worse shape. The Observer recently reported that Manhattan has seen only nine “office” space transactions of more than $2.5 million this quarter. If you aren't sure how bad that is, consider that during the last quarter of 2007, NY had 41 such transactions. including the $1 billion Americas Tower at 1177 Sixth Avenue and the $1.15 billion Helmsley Building at 230 Park Avenue .
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