A few weeks ago, I gave thanks for the NYC condo market which has helped fuel the recovery of the investment sales market. Equal or more credit must be given to the availability of attractive financing.
It appears that NYC property sales will approach normalized 2006 levels this year with $25B in anticipated trades. This is three times 2009, but still off 2007’s peak of $62B. That being said, 3Q11 proved to the busiest quarter forManhattansales since 1Q08, with a total of 190 properties changing hands.
The availability of attractive financing certainly had a large part in this. With ten year treasuries ending the quarter at 1.92% and Libor having reached historical lows, lenders can offer incredibly attractive loans.
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Agents: Preston Flammang