September 14, 2018
New York City’s investment sales market showed signs of improvement in 2018’s first six months from a slow second half of 2017, according to the Real Estate Board of New York’s Investment Sales Report. Total dollar value was $21.6 billion, a 20% increase year over year, with Manhattan, Brooklyn and Queens all seeing increases, while The Bronx and Staten Island declined.
“Following two consecutive years of decline in citywide investment sales consideration, overall consideration has increased,” said John H. Banks, REBNY President. “Investors are making commitments to smart, long-term assets and stoking activity within various property categories.”
Some property categories enjoyed significant Y-O-Y increases in dollar value. Elevator apartment buildings more than doubled in dollar volume to $4.2 billion for H1 2018.
Hotel sales were up 110% Y-O-Y to $2.2 billion, while sales of garages/gas stations/vacant land rose 79%. H1 2018’s biggest sale was the $2-4-billion trade of Chelsea Market (pictured).
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