It appears that apartment buildings are not doing so well in sales, with both sales volume by dollar and price per square foot being below the numbers for January - September 2009. In comparison, the rest of Manhattan is doing quite well, with more than twice the dollar volume of property having sold during the same time period of January - September 2009 as for the same period of 2010.
It seems that the Village, which experienced a 5% increase in the 2009 period, has lead the rest of Manhattan. That it should take a breather this year may or may not be a cause of alarm. Apartment house owners who are considering listing their properties for sale may have more interest from buyers strictly interested in the Village. But they should be aware of the drop in per square foot price, as appraisers most certainly are, and adjust their expectations accordingly.