Manhattan's property sales banked 60 transactions in the second quarter, which totaled $2.4 billion, representing a 13 percent boost from the first quarter or 20 percent year-over-year, according to a report from Avison Young.
But not every sector performed well. For example, the development market experienced a quarter-over-quarter 56 percent drop in the number of sales and a five percent dip in average price, which was $440 per square foot. Transactions increased by 36 percent to $280 million.
The retail sector was a little bit more mixed, which posted just $261 million in volume, a 79 plunge from the first quarter. The amount of sales did not change, while the average price shot up to $1,770 per square foot, a 71% boost from the previous quarter.
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