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COMMERCIAL OBSERVER --Manhattan in 2013: Values Surge as Volumes Struggle
January 28, 2014
Last week, I reported on the state of New York’s investment property sales market on a citywide basis. The numbers showed that, while volume was good, it could not quite get back to the totals seen in 2012. The dollar volume totaled $37.6 billion, down 9 percent from 2012’s $41.2 billion, and the number of properties sold dropped 8 percent, from 4,077 in 2012 to 3,767 last year. This result was not unexpected, as the strong pace of sales in 2012 was materially affected by capital gains tax policy that accelerated some activity that would have normally occurred in 2013. The good news was that last year, on average, property values in the city increased by 13.4 percent on a price-per-square-foot basis.
The Manhattan submarket—defined in our statistics as the market below 96th Street on the East Side and below 110th Street on the West Side—in 2013 fared worse in comparison to the prior year in terms of dollar volume and, particularly, in terms of the number of properties sold, which dropped significantly.