NEW YORK CITY—Commercial real estate transactions dropped significantly here in the first half of the year, with 1,229 recorded transactions totaling $10.5 billion, according to the Real Estate Board of New York. This represents a 32% decline in the volume of transactions and a 54% decline in total consideration compared to the first half of 2019. These figures represent all-time lows since REBNY's reporting began in 2015.
The largest transaction this reporting period was the $978 million sale of the Lord & Taylor Building, 424 5th Avenue, from WeWork to Amazon in March.
There was little relief from the downward trend in activity in the first six months of the year, with all boroughs and asset classes registering significant declines.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
