October 14, 2019
Manhattan sales transactions totaled $3.7 billion in the third quarter, 28% below the trailing four-quarter average of $5.2 billion, according to Avison Young. By annualizing the first three quarters, 2019 is on pace for sales totaling $16.3 billion, or 32.7% below 2018’s $24.3 billion.
That being the case, large trades dominated Q3, including the Coca-Cola Building at 711 Fifth Ave.—a $907-million deal that reportedly was followed by the property’s $955-million resale a few weeks later.
The number of transactions fell to 53 from 76 in the previous quarter, and declined by 36% from the four-quarter average. Avison Young projects 277 sales across Manhattan for 2019, down from a 10-year low of 300 in 2017.
“The Q3 investment sales report indicates that even with declining sales numbers, we’re still seeing large trades and a healthy appetite for trophy assets,” said James Nelson, head of Avison Young’s Tri-State Investment Sales Group.
Pictured: 711 Fifth Ave.
Connect National Investment & Finance is coming to New York on Oct. 23. For more information, or to register, click here.
Connect Opportunity Zones will be presented for the first time on Oct. 23 in New York. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny