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Manhattan Investment Sales Value Falls Dramatically in First Half of Year

According to a report released by the Real Estate Board of New York, year-to-year total investment sale consideration declined 39% to $18 billion citywide, while the total number of transactions declined 6% to 2,419 in the first half of 2017.

By John Jordan | johnjordan | Updated on August 17, 2017

The largest sale transaction in the first six months of this year in New York City was the $2.2-billion purchase of 245 Park Ave. by Chinese conglomerate HNA Group. The largest sale transaction in the first six months of this year in New York City was the $2.2-billion purchase of 245 Park Ave. by Chinese conglomerate HNA Group.

NEW YORK CITY—Uncertainty on borrowing rates and in the foreign markets are to blame for a significant decline in investment sales consideration and activity in Manhattan, as well as the outlying boroughs.

According to a report released by the Real Estate Board of New York, year-to-year total investment sale consideration declined 39% to $18 billion citywide, while the total number of transactions declined 6% to 2,419 in the first half of 2017.

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