New York City Loses Top Ranking
Crain's New York Business reports: In yet another sign of the devastation wrought by New York's real estate recession, the city failed to place in the top 10 metropolitan markets in the world ranked by the volume of property sales last year.
That absence contrasts sharply with the city's status in 2007, when New York led the list, compiled by New York-based research firm Real Capital Analytics, with a whopping $55.8 billion in sales. The list contains all types of sales, including land.
In 2008, New York slipped to second place behind Tokyo before vanishing totally in 2009, a year in which no less than six of the top 10 spots were cities in China. That country's sudden dominance was fueled by favorable lending policies at the country's government-controlled banks, says Dan Fasulo, managing director at Real Capital. He believes New York is likely to climb back as lending conditions improve this year.
And the city fared better when only commercial properties were ranked, racking up $4 billion in sales to earn the seventh spot on the list. London was first with $16 billion. Back in 2007, New York claimed the top spot with $56 billion in sales.
View the full article on Crain's New York Business: New York City Loses Top Ranking
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Posted by: Nina Turner