Manhattan’s I-sales market down 60% from Q2 2016

Still, the “slumping market is far from dead,” says Avison Young

TRD New York /
Jul.July 17, 2017 08:01 AM

Manhattan’s investment-sales market tumbled 60 percent year-over-year during the second quarter to $13.8 billion, and there are strong headwinds pushing back against any potential rebound in the market.

Activity does seem to have picked up lately. During the second quarter, there were 66 deals recorded at a price of $10 million or more, compared to 71 deals for all four quarters ending in July, according to a new report by Avison Young cited in the Wall Street Journal.

That’s still quite a decline from the average of 141 deals per quarter that the market saw between the third quarter of 2013 and the second quarter of 2016. Sales in the second quarter of this year climbed to roughly $5.6 billion, a 74 percent increase over the $3.2 billion recorded in the beginning of the year.

A significant portion of that bump, however, is attributed to HNA Group’s $2.21 billion purchase of 245 Park Avenue.

According to Avison’s report, the “slumping market is far from dead.” But factors such as rising interest rates, the wall of maturing commercial mortgage backed securities and the Chinese government’s clamp down on overseas spending all have the potential to keep transaction figures low. [WSJ] Rich Bockmann


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
“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think
Clockwise from bottom left: Robert Reffkin of Compass, John Gomes, Scott Rechler of RXR Realty, Rich Barton of Zillow, Gary Keller of Keller Williams and Don Peebles of The Peebles Corporation (Getty)

“America is in crisis:” Real estate leaders address George Floyd protests

“America is in crisis:” Real estate leaders address George Floyd protests
A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest
Joy Construction’s Eli Weiss (left), Maddd Equities’ Jorge Madruga (top), and Drew Katz with 20 Bruckner Boulevard in the Bronx (Getty; Google Maps)

“Dream” comes true for long-vacant Bronx ice house

“Dream” comes true for long-vacant Bronx ice house
Lexington Ave. on May 03, 2020 (Credit: Roy Rochlin/Getty Images)

NYC sees second week with no mid-market deals since onset of pandemic

NYC sees second week with no mid-market deals since onset of pandemic
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
Photo illustration of Sen. Brian Kavanagh (Credit: Kavanagh by Albin Lohr-Jones/Pacific Press/LightRocket, Getty Images, iStock)

Lawmakers skip #CancelRent in favor of more modest bills

Lawmakers skip #CancelRent in favor of more modest bills
arrow_forward_ios

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

Loading...