April 10, 2019
New York City’s investment sales market for 2019 is on pace to record its lowest transactional tally in eight years, says B6 Real Estate Advisors.
That’s based on the slow start the market experienced in the first three months of the year. The sluggish pace occurred amid uncertainty in the broader economy and speculation that the New York State Senate will implement major rent reforms this summer, B6 says.
Although Brooklyn led the way in the total number of transactions during the first quarter, its tally of 147 was off 42% from the five-year average. Queens, meanwhile, outperformed all other markets.
Citywide, price per square foot for all property types increased to $661, a 5% increase over 2018 levels. By market, Northern Manhattan saw the largest increase in price per square foot, with a 14% gain, while the office sector’s increase of 26% from 2018, was the largest by property type.
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