By, James Nelson
2014 was the year of the boroughs for New York City. After the correction in the market in 2009-2010, we saw a flight to safety with Manhattan sales leading the recovery.
In 2011, Manhattan generated 32% of the sales even though the borough accounts for only 17% of the properties, according to data by Massey Knakal (now Cushman & Wakefield).
This year, it looks like that level will decline to a more proportionate share of the sales with “only” 17% of the sales, meaning that the Boroughs should end up with about 83% of the City’s activity.
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