New York Market Overview
- Total Manhattan Class A Office vacancies decreased from 8.8 % vacant to 8.5 % vacant
- Total New York City Office vacancy decreased from 7.6 % vacant to 7.3 % vacant
While the strength of Manhattan's high-end condominium market is strong the same cannot be said for sales of less than $1 million. While the fourth-quarter is historically a slower sales season, volume is down 12 percent this year from the prior-year quarter. That decline was keyed by plummeting sales figures for condos, as co-op sales figures were short just 1.3 percent from last year's fourth-quarter. Overall, closed condo sales sunk 24 percent from the final three months of 2010, and more than 30 percent for sales worth less than $1 million.