NEW YORK CITY-Leasing velocity and investment sales alike may be up, but the New York City office market will have to wait until at least 2011 to see a sustained improvement in fundamentals, says Marcus & Millichap Real Estate Investment Services. At the same time, opportunistic investors may find some bargains in the distressed arena, although by no means a glut.

In Manhattan alone, “more than $6 billion in office properties are near to or in default or special servicing,” according to a second-quarter New York City office report issued Thursday. The assets that fall into that category cut across class and location, notes Ross Mezzo, associate VP of investments with Marcus & Millichap’s New York office.

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