The Real Deal New York

NYC investment sales gain momentum

January 18, 2011 06:28PM

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The number of investment transactions closed in New York City in 2010 totaled 33, at an average of $496 per square foot, according to Colliers’ fourth-quarter capital market report. The market value of the sales completed was more than triple the 2009 total of $1.9 billion, an increase fueled by a strong rebound in the leasing market, sustained growth in New York City’s employment level and a recovery in credit availability, the report says. Average asking rent in Manhattan rose in the fourth quarter to $51.07 per square foot, from $50.50 in the third quarter. The availability rate also increased slightly, to 13 percent in the fourth quarter from 13.3 percent in the third quarter. Asking rents climbed 7 percent in the Midtown North market and by 2.3 percent in Midtown South, but dropped 2.5 percent in the Downtown market. TRD

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