Building sales double in Q3, report shows

TRD New York /
Nov.November 17, 2009 02:02 PM

The commercial real estate market has shown moderate improvement
quarter-over-quarter, but still not enough to compensate for the
battering the industry has endured over the last year, according to
a new report from commercial brokerage Eastern Consolidated. One bright spot in the
report is commercial building sales performance among non-multi-family
properties. Sales volume among those properties hit $1.08 billion in
the third quarter, nearly double the $510 million seen in the second
quarter this year. Even so, the report points out that this uptick in
volume is due largely to the sale of two buildings, 825 Eighth Avenue
and 70 Pine Street, rather than a broad-based improvement. The report
is equally ambivalent on the subject of multi-family property sales.
While the data “clearly indicates a turnaround in Manhattan
multi-family sales,” the sales volume has much room
for improvement. The third quarter saw 101 multi-family buildings
closed, up from 66 in the previous quarter, while price per square foot
inched up to $271 from $260. TRD


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Here’s what the $10M-$30M NYC investment sales market looked like last week
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

New NYC rent law “beginning to shut down investment”
Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

New York’s multifamily market had its slowest first half of the year since 2011
Cushman & Wakefield’s Brett White

Cushman & Wakefield reports $101M quarterly loss

Cushman & Wakefield reports $101M quarterly loss
With many tech companies open to long-term remote work for their employees, questions are being asked about how that will impact the office and residential markets in hubs of tech talent. (iStock)

TRD Insights: What #WFH could mean for office and resi costs in tech hubs

TRD Insights: What #WFH could mean for office and resi costs in tech hubs
From left: 799 Broadway, Columbia Property Trust CEO Nelson Mills and 149 Madison Avenue (Image by 799 Broadway; Mills and 149 Madison Avenue via Columbia Property Trust)

Columbia Property Trust sees leasing, revenue rise while buildings just 5% full

Columbia Property Trust sees leasing, revenue rise while buildings just 5% full
Tony Malkin (Getty)

Empire State Realty Trust lost $20M in Q2

Empire State Realty Trust lost $20M in Q2
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...