December 17, 2015
Cushman & Wakefield and CBRE estimated that as much as $70 billion worth of commercial real estate deals in New York City would likely be completed in 2015, a 12.5% increase from 2007’s previous peak. The dollar volume included office, multifamily and hospitality property transactions.
Major deals include AXA’s sale of 1285 Sixth Ave. and 787 Seventh Ave. for more than $3.5 billion and Chinese insurance company Anbang’s $2 billion buy of the Waldorf Astoria.
Low interest rates and higher commercial real estate prices are encouraging landlords to sell.