NEW YORK CITY—Total investment sales volume and international investment property sales fell sharply last year in Manhattan, a sign of a market in transition.
Brokerage firm Eastern Consolidated in its 36-page “View From the Street” annual report on the 2017 Manhattan investment sales market notes that overall investment sales activity in Manhattan fell 41% in 2017 to $23 billion as compared to a year earlier. In fact, last year's investment sales volume was the lowest since 2010 when sales in Manhattan totaled just $14 billion.
“The slowdown is a reflection of a turning market, and when a market turns there tends to be a lull in sales activity as buyers and sellers adjust their expectations,” says Peter Hauspurg, chairman and CEO of Eastern Consolidated.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
