Manhattan commercial property sales fell 66% to US$17.09bn last year, the lowest in four years, as the worldwide credit freeze sidelined buyers.
Only 20 property sales worth US$5m or more closed in the fourth quarter last year, and there were 250 such deals in the year, said Real Capital Analytics, a New York property data service.
Fourth-quarter Manhattan transactions totalled US$961m, down 90% from the same period a year ago. Sales are declining as prices continue an 18-month slide.
South China Morning Post