New York City investment sales volume for the second consecutive month has experienced quarterly growth, rising 3.2% from the first three months to $5 billion. Renewed demand for retail assets and multifamily development sites, as well as distressed office, drove the increase, Cushman & Wakefield said in a Marketbeat Capital Markets report.
Even as dollar volume rose, the number of transactions and the number of properties sold in the second quarter fell 14.7% and 10.8%, respectively, highlighting "the prevalence of big-ticket sales by larger buyers and/or end users," Cushman wrote.
Year-to-date, NYC investment sales volume fell by nearly a third to $9.76 billion.
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