The downtown Manhattan
market below Canal Street
had 10 sales in 2009 vs.19 in 2008 vs. 46 in 2007. That represents about 47%
decrease from 2008 and 78% decrease in volume from 2007.
The TriBeCa/ Financial District/ Chinatown Sales:
1) 20 Thomas Street
(A Massey Knakal Sale), sold in
12/09 for $5,250,000 or $938 per SF above grade (Highest sales price per SF for
2009 in TriBeCa and the Financial District).
2) 175
West Broadway (A Massey Knakal
Sale), sold in 11/09 for $1,675,000 or $775 per SF above grade
3) 105-107 Reade Street* (see commentary below) sold in
10/2009 for $10,075,000 or $599 per SF above grade
4) 35 Walker Street
sold in 7/09 sold for $2,126,000 or $411 per SF above grade
5) 12 Debrosses St.
sold in 1/09 to a related party/partner for $9,000,000 or $375 per SF above
grade
6)AIG buildings, 72 Wall St.
and 70 Pine St.,
sold in 8/09 for $150,000,000 or approx. $128 per SF
7) 45-47 Park Pl. * (see commentary below), sold in
7/09 for $4,850,000 or $207 per SF above grade and $88 per buildable SF
8) 90 Water Street
(A Massey Knakal Sale), sold in
12/2009 for $1,350,000 or $292 per SF above grade (this property had no roof
and had a full vacate order by DOB)
9) 79 Mott Street
sold in 8/09 for $5,200,000 or $461 per SF
10) 81 Baxter Street
sold in 5/09 for $3,570,000 or $347 per SF
Properties Massey
Knakal put in contract, scheduled for 2010 closing:
16-18 N. Moore Street, multifamily, approx. 15,260 SF, in
contract for over $500 per SF
For more information about the
downtown Manhattan sales market
and the forecast for 2010, contact Nick Petkoff.
Neighborhoods: Chinatown, Financial District, TriBeCa