- REAL ESTATE EDUCATION
- GIVING BACK
Second Half 2019 NYC Investment Sales Report
February 26, 2020
In the second half of 2019, the total consideration, or total monetary value for all recorded sales, in the New York City investment sales market reached $18.6 billion citywide—a result of 1,716 total transactions. Total consideration in the second half of 2019 decreased 14% year-over-year, while the total number of transactions declined 18% year-over-year. The largest transaction was a $909 million office building trade at 711 Fifth Avenue, from Coca Cola to Nightingale Properties. Overall, sales consideration of multifamily residential buildings decreased 52% year-over-year and transactions decreased 38% year-over-year.
- Total consideration for investment sales decreased in all five boroughs.
- Sales consideration of multifamily rental buildings with elevators ($2.3B) decreased 8% from the first half of 2019 and 52% year-over-year.
- Sales consideration of multifamily rental buildings without elevators ($1.4B) decreased 21% from the first half of 2019 and 52% year-over-year.
- Sales consideration for office buildings ($8B) increased 15% from the first half of 2019 and 23% year over-year. Office buildings represent the majority of citywide total consideration (42%).
- Sales consideration for retail property ($1.3B) decreased 48% from the first half of 2019 and 25% year-over-year. However, total retail transactions increased 5.5% from the first half of 2019 and 1% year-over-year.
- Sales consideration for industrial sales ($1.6B) decreased 24% from the first half of 2019 and increased 71% year-over-year.
- Rent stabilized units declined 73% year-over-year in total consideration, from $5.72 billion to $1.6 billion citywide.