New York Real Estate Prices Still Dropping

Despite a big pick up in the number of commercial buildings sold last year, as well as in the total sales prices, average property values are still sinking.

Citywide property values in 2010, based on price per square foot, fell 8.4% last year from 2009 levels, according to year-end figures released Wednesday by Massey Knakal Realty Services, which tracks sales of all commercial property types, including office buildings, multi-family properties and industrial spaces.

Last year, $14.5 billion worth of properties changed hands, a 131% increase from the previous year. That dollar volume, however, was down 77% from the 2007 peak of the market, when $62 billion in properties sold. Similarly, while the number of transactions rose 16% to 1,667 sales last year, that figure was still far below 2007 peak of 5,018 sales.

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