NEW YORK CITY—Last year's investment sales market here turned in a performance on par with 2015, according to the Real Estate Board of New York's investment sales report. The city recorded strong activity throughout the boroughs, though a moderate dip in total consideration was seen in the second half of the year.
Staten Island and Queens recorded gains in closed transactions, while citywide sales of garages, gas stations, and vacant land rose 28% in the second half of 2016. Office buildings dominated the highest-priced transaction rankings while multifamily rental properties without an elevator registered 1,080 sales, the largest number of transactions recorded for any property category.
The total number of transactions closed throughout the five boroughs in the second half of 2016 remained stable at 2,880—1% less than the 2,901 closed last year. Total citywide consideration for the sale of multifamily rental, office, industrial, hotel, and retail properties—in addition to commercial condominiums, garages, gas stations, vacant land and other assets—was $26.8 billion in the second half of 2016, a 22% decline from the $34.3 billion recorded in the second half of 2015.
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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.
