Based on the low mark of 1.6% turnover among the city'sapproximately 165,000 buildings set in 1992 and repeated in thepost-recessionary year of 2003, "we assumed 1.6% was the baselineand volume would never go any lower," Robert Knakal, chairman ofMassey Knakal, said Tuesday morning at a media briefing. Yet with aturnover rate of 0.87% citywide, "2009 shattered that theory."

Depending on the borough and property sector, turnover in 2010will range from 1.2% to 1.6%. "We think we have passed the bottomin terms of low volume," said Knakal. The yearly average for thepast 25 years has been 2.6%.

The year's $6.3 billion in sales of commercial and multifamilyproperties worth at least $500,000 was off 90% from the 2007 peakof $62.2 billion, Knakal said. Down even more sharply on apercentage basis was the average selling price of Manhattan assets:$4.4 million last year, compared to $52.5 million in '07. With thatsaid, the borough also fared best in terms of the number oftransactions: off only 67% last year from the '07 peak.