by Mike ‘Mish’ Shedlock
Commercial property sales cratered in New York City. And it won’t stop there.
Painful Consequences for City Tax Collections
The Volume of Commercial Property Sales in New York City Cratered in the second quarter and the trend will likely accelerate.
Investors purchased only 170 properties valued at $3.6 billion between April 1 and the end of June, the lowest number of transactions for a three-month period since the second quarter of 2009, according to B6 Real Estate Advisors. There were 523 deals valued at $7.6 billion in the second quarter of 2019, said the firm, which specializes in New York commercial property sales.
“Here you see a cliff,” said Adrian Mercado, B6 Real Estate chief information officer.