Scorecard: Manhattan investment sales down, but Brooklyn holding steady

A monthly roundup of news and reports on the commercial market

New York /
Jun.June 22, 2016 02:51 PM


From the June issue: Investment sales are down in Manhattan but holding steady in Brooklyn, compared with the same period last year, an analysis of CoStar Group data showed. But few expected Manhattan to match its record start in 2015.

As a result, the drop off from $21 billion at the start of 2015 to $11 billion at the start of this year, in sales greater than $2 million, came as little surprise.
Even while sales volume is down, there are still a large number of properties up for grabs.

 

“There is probably in total about $6 billion to $8 billion worth of assets on the market now” in Manhattan, said SL Green Realty’s CEO, Matthew DiLiberto, on a first-quarter earnings call. Some insiders said the pricing expectations of sellers are too high and are slowing sales activity.

In Brooklyn, several large first-quarter transactions kept sales at $3.2 billion, equal to the amount last year.

 

Forest City Realty Trust’s Barclays Center stake sale to Russian investment fund ONEXIM Group for $453.7 million and its $158 million sale of the development site at 625 Fulton Street to the Rabsky Group kept the sales volume strong in the borough. Forest City’s David LaRue predicted more transactions this year, including an equity stake in the firm’s Pacific Park project. Such a deal would be “taking advantage of demand for residential buildings” in Brooklyn, LaRue said in a May earnings call.

 

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
Winery owner Giovanni Borghese (Facebook via Borghese Vineyard)
Rare vintage: Long Island’s oldest winery hits the market
Rare vintage: Long Island’s oldest winery hits the market
One Court Square tower in Long Island City (Getty)
Target is coming to Long Island City
Target is coming to Long Island City
Stuart Miller of Lennar with The Maddox complex (Lennar, LMC)
ING “green building” loan program targets energy upgrades
ING “green building” loan program targets energy upgrades
(iStock illustration by Kevin Rebong for The Real Deal)
Morgan Stanley bans unvaccinated staffers from offices
Morgan Stanley bans unvaccinated staffers from offices
(Getty / Photo Illustration by The Real Deal)
Mall landlords turn to pop-up stores to boost revenue
Mall landlords turn to pop-up stores to boost revenue
Photo illustration of Tishman Speyer Properties President Rob Speyer and Brookfield Asset Management CEO Bruce Flatt (iStock, Getty)
Office investors Tishman Speyer, Brookfield put money where mouth is
Office investors Tishman Speyer, Brookfield put money where mouth is
Sure We Can has tried to purchase the property in the past (Facebook via Sure We Can, Getty)
Lifeline for canners needs city’s help to buy redemption center site
Lifeline for canners needs city’s help to buy redemption center site
arrow_forward_ios

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

Loading...