NEW YORK CITY—Manhattan's investment property sales slipped in 2016, with activity slowing down from a record-breaking 2015, while prices across asset types either held steady or improved, according to Ariel Property Advisors' newly released Manhattan 2016 year-end sales report.
A number of events posed unique challenges to the marketplace last year, the report notes, including geopolitical developments like the Brexit vote, the Federal Reserve's first rate hike in a nearly a decade, and the election of a new US president. Meanwhile, dollar volume and transactions decreased in 2016 compared with the previous year. The declines reflected a pull-back from 2015's record year, which was driven by several sizeable outliers.
For 2016, Manhattan registered 589 transactions consisting of 706 properties, totaling about $29.3 billion in gross consideration. The figures represent double-digit declines across the board on a year-over-year basis, with transaction, property and dollar volume down 23%, 31% and 39%, respectively. Midtown East and Midtown West dominated activity, accounting for 63% of the submarket's dollar volume, or roughly $18 billion.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
