First Half 2020 NYC Investment Sales Report

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In the first half of 2020, with 1,229 recorded transactions encompassing all commercial sales and multifamily rental properties, total investment sales consideration reached $10.5 billion. This represents a 32% decline in the volume of transactions and a 54% decline in total consideration compared to the first half of 2019. These figures represent all-time lows since REBNY’s reporting began in 2015. Overall, sales of multifamily rental properties declined 51% and transactions declined 29% compared to the first half of 2019. The largest transaction this reporting period was the $978 million sale of the Lord & Taylor Building, 424 5th Avenue, from WeWork to Amazon in March.

The total tax revenue for the City and State generated from investment sales was $314 million, with $62 million in NYS transfer tax and $252 million in NYC transfer tax. Total tax revenue in the first half of 2020 was down 49% from the previous 6 months and 58% from the previous 12 months.

Key Takeaways

  • Citywide total investment sales consideration totaled $10,507,441,560.
  • Citywide investment sales transactions totaled 1,229.
  • Citywide average investment sales price totaled $8,549,586.
  • Citywide median investment sale price totaled $1,505,000.