- REAL ESTATE EDUCATION
- GIVING BACK
First Half 2020 NYC Investment Sales Report
August 28, 2020
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.
- 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.