NEW YORK CITY-Commercial property sales in the first quarter fell to the lowest point since 2009, according to statistics released today by Cushman & Wakefield.
The brokerage firm reports that $2.55 billion in deals closed in the first quarter of this year, fueled in large part by Joe Chetrit and David Bistricer's $1.1-billion acquisition of the Sony Building last month.
C&W's Nat Rockett says first quarter sales were lower due to the rush to close deals in the fourth quarter of last year in order to avoid tax increases that went into effect at the start of this year, according to Crain's New York Business.
Cushman revised its commercial sales totals for 2012 to approximately $28 billion from what initially was about a $26-billion estimate. See story in Crain's New York Business.
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