NYC I-sales hit nearly $50B in 2018, breaking 2-year slump

Value of property trades saw 35% increase from 2017: Cushman

TRD New York /
Jan.January 16, 2019 03:30 PM

Doug Harmon and Cushman and Wakefield’s offices at 1290 Sixth Avenue (Credit: Cushman and Wakefield and Wikipedia)

New York City’s investment-sales market broke its two-year slide in 2018, with deal volume growing by a third on the year to almost $50 billion.

The five boroughs recorded $49.1 billion worth of sales in 2018, according to figures from Cushman & Wakefield. That was a 34.5 percent jump over $36.5 billion worth of deals in 2017.

“The difference between 2017 and ’18 was the return of the big deals,” Doug Harmon, chair of Cushman & Wakefield’s capital markets group, said during a year-end presentation at the brokerage’s Manhattan headquarters on Sixth Avenue Wednesday morning.

Harmon said there wasn’t much of an increase in the number of trades at $1 billion or more, but that the real growth last year was the number of deals between $250 million and $1 billion.

Last year saw 41 properties sell at $250 million or more, an 86 percent increase over 22 such deals in 2017.

‘It’s partly because we’re less reliant on foreign capital, partly because that’s the home for more domestic capital,” Harmon added. “What took the market down – volume-wise – between ’16 and ’17, took it back up in 2018.”

Last year was a turning point for the investment-sales market, which saw two consecutive years of a decline following a peak of more than $80 billion worth of deals in 2015. (The dollar volume of deals traded is still 39 percent below that number.

All told, 3,859 properties in the five boroughs traded hands last year, an increase of 4 percent over 2017.

In Manhattan alone, the number of properties sold rose 9 percent on the year to 727, with dollar volume climbing 44 percent to $32.3 billion.


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

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Joel Schreiber (Credit: Shir Stein and Wikipedia)

WeWork’s first investor used his stock as collateral. Now his lenders are suing him

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

The Coca-Cola building at 711 5th Avenue (Credit: Google Maps and iStock)

Flipped off: The inside story of Coca-Cola’s botched building sale

From left: 305 East 47th Street and 286 River Avenue (Credit: Google Maps)

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

Clockwise from top left: 2-34 Beach 102nd Street in Far Rockaway, 175 Canal Street West in Mott Haven, 102 Fulton Street, and 71 Smith Street in Boerum Hill (Credit: Google Maps and StreetEasy)

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

arrow_forward_ios