April 19, 2017
April 20, 2017
Sales of New York City office towers started slow in the first three months of 2017, continuing to cool from the peaks recorded in 2015, according to a report from Yardi Systems.
Yardi counts 10 sales of offices properties in first quarter 2017 totaling a little over $2 billion, including eight in Manhattan and two in Brooklyn. One sale, GIC’s $1 billion purchase of 60 Wall Street, accounts for more than half of that dollar volume.
A year before, investors traded the same number of office properties, 10, but for more than twice as much money, totaling $5.5 billion in sales.
The average price for New York City office assets dropped 23% in the first quarter 2017, to $741 per square foot from $964 the year before.
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