However, that total does represent a 23% gain over the fourthquarter of '09, said Knakal, chairman of Massey Knakal RealtyServices. And while the quarterly increases and decreases acrossthe boroughs bear out Ken Krasnow's use of the word"rollercoaster," the general trend has been a steady improvementsince the investment sales market for properties of $500,000 ormore virtually shut down at the midpoint of last year.

The Q1 tally also masks what's been happening in Manhattancompared to the outer boroughs: a 51% gain in dollar volume sinceQ4, compared to a quarter-over-quarter dropoff of as much as 41%elsewhere in the city. Year over year, though, Manhattan's growthwas virtually flat: a total of $1.536 billion in Q1 '09, comparedto $1.539 billion in Q1 2010.

"The boroughs are a lagging indicator of what's happening in theManhattan market," Knakal said during the media briefing at MasseyKnakal's headquarters. Northern Manhattan had aquarter-over-quarter gain that was similar to that of the swath ofManhattan south of 96th Street, whlle its year-over-year upsurge of197% in dollar volume was the best in the city, said partner ShimonShkury. Yet the Bronx, also in Shkury's bailiwick, saw a 7% declinefrom Q4.