- REAL ESTATE EDUCATION
- GIVING BACK
Second Half 2020 NYC Investment Sales Report
February 12, 2021
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.
- 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.