July 17, 2017 Comments (0) Views: 315 New York News, Top New York Stories

Manhattan Office Sales Recover, a Little

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.

Read More at COMMERCIALCafe

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