July 17, 2017
Investors bought and sold more office properties in Manhattan in the second quarter of 2017 than they did in the first — but that’s not saying much.
The $3.8 billion invested in the second quarter was still down 57% compared to the year before, according to a new report from Yardi’s COMMERCIALCafe. Most of that investment was from a single deal: China-based HNA Group paid $2.2 billion for 245 Park Ave.
The average price investors paid rose $1,037-per-square-foot, up 6% from the year before, as investors continue to show the high value they place on Manhattan office properties.
For comments, questions or concerns, please contact Bendix Anderson