Second Half 2020 NYC Investment Sales Report

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In the second half of 2020, with 1,356 recorded transactions, Citywide investment sales, including multifamily residential buildings and all commercial sales, reached a total consideration, or sales volume of $11 billion. This represents a 41% decline in total consideration and a 21% decline in the volume of transactions compared to the second half of 2019. Both figures observed moderate 6-month increases after reaching all-time lows back in the first half of 2020.

Overall, sales of multifamily residential buildings declined 34% and transactions declined 20% compared to the second half of 2019. The largest transaction this reporting period was the $830 million sale of the Sotheby’s New York office building at 1334 York Avenue.

The total tax revenue for the City and State generated from investment sales was $356 million, with $69 million in NYS transfer tax and $288 million in NYC transfer tax. Total tax revenue in the second half of 2020 increased 5% from the previous 6 months and decreased 41% from the previous 12 months.

Key Takeaways:

  • Citywide total investment sales consideration totaled $10,971,255,133, a 5% increase from the first half of 2020.
  • Citywide investment sales transactions totaled 1,356, an 11% increase from the first half of 2020.
  • Citywide average investment sales price totaled $8,090,896, a 6% decline from the first half of 2020.
  • Citywide median investment sale price totaled $1,740,898, a 6% increase from the first half of 2020.