In Q4, Manhattan retail property sales soared to nearly $13B

TRD New York /
Jan.January 16, 2013 08:30 AM

Manhattan’s retail property sales volume surged in the fourth quarter, posting sevenfold increase,  its strongest performance since 2007, according to preliminary data from Eastern Consolidated, cited by the New York Observer. The final quarter of 2012 saw nearly $13 billion in sales volume, which is the best increase since record-breaking sales volumes — fueled by fears of impending capital gains taxes — were posted. The market peaked in the second quarter of 2007 at $19 billion.

“This was definitely fiscal-driven growth,” Barbara Byrne Denham, Eastern Consolidated’s chief economist, said.  “Sellers wanted to cash out and buyers knew it, so they were eager to come to the table as well.”

The data shows that  total sales volume more than doubled from the third to the fourth quarter — from $5.9 billion to $12.5 billion, which according to Denham is likely top out at $13 billion. [NYO]Christopher Cameron


Related Articles

arrow_forward_ios
Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)

These were the top 10 NYC retail leases in July

These were the top 10 NYC retail leases in July
Ricky's at 830 Broadway (Credit: NYC Go)

Ricky’s, iconic NYC beauty shop, faces
more closures

Ricky’s, iconic NYC beauty shop, faces
more closures
From top, clockwise: Cushman & Wakefield's Joanne Podell, Showfields' Amir Zwickel, Appear Here's Josh Yentob, Brookfield Properties's Mark Kostic (Credit: Getty, LinkedIn)

When it comes to retail, “real estate in New York is fundamentally broken”

When it comes to retail, “real estate in New York is fundamentally broken”
Carmel Partners CEO Ron Zeff (JLL)

Carmel Partners sells Norwalk apartment complex valued at $157M

Carmel Partners sells Norwalk apartment complex valued at $157M
From left: 180 West 81st Street in Upper West Side, 15-30 130th Street in College Point; 5002 13th Avenue in Borough Park (Google Maps)

Manhattan sees first September i-sale with UWS mixed-use building

Manhattan sees first September i-sale with UWS mixed-use building
Knotel CEO Amol Sarva and Sprinklr CEO Ragy Thomas with 29 West 35th Street (Sarva via Sasha Maslov; Getty; Google Maps)

Manhattan landlords sue Knotel, Sprinklr for missing rent

Manhattan landlords sue Knotel, Sprinklr for missing rent
(iStock)

Is winter coming? Real estate stocks dragged down by 4th week of market decline

Is winter coming? Real estate stocks dragged down by 4th week of market decline
From left: Michael Fuchs, Aby Rosen, Brandon Singer and Michael Cody (Getty, iStock)

Aby Rosen, Michael Fuchs back new retail brokerage

Aby Rosen, Michael Fuchs back new retail brokerage
arrow_forward_ios

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

Loading...