Dearth of Chinese, UK buyers was the leading cause of agita for Manhattan i-sales brokers last year

New York /
Feb.February 15, 2018 10:00 AM

According to this week’s market reports, 651 residential contracts were signed in Manhattan and Manhattan investment sales fell by 41 percent in 2017.

Residential

Sales | Town Residential

Between Jan. 15 and Feb. 11, there were 651 contracts that were signed in Manhattan. Out of that total, 327 contracts were for co-op units, followed by 288 condos and 21 condops. The most active price segments was the $1 million to $2 million range, which accounted for 169 deals. The $2 million to $5 million segment, was less robust, accounting for just 129 transactions, Read the report here.

Luxury Sales | Olshan Realty

For the week of Feb. 5-11, there were 24 contracts signed in Manhattan at $4 million and above, which is mostly flat compared to previous years. The most expensive contracts for the period were for two units at the 77th floor of 432 Park Avenue. The two apartments were sold to the same buyer in separate transactions. Unit 77B went into contract with an asking price of $45 million. Unit 77A, meanwhile, changed hands with the last asking price of $23 million. Read the report here.

Commercial

View from the Street | Eastern Consolidated

In 2017, Manhattan investment sales dropped 41 percent year-on-year to $23 billion. The decline is attributed to the retreat of foreign buyers. U.K. buyers led the exodus, with investments dropping 87 percent to $188 million. However, the weakening of Chinese interest had the most impact. During the year, investments from the country dropped 62 percent to $2.5 billion. Read the report here.


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