An interesting trend on Broadway: investment sales transactions are down — but dollar volume is up, according to Avison Young's Manhattan fourth-quarter property sales report, which covered a range of asset classes from retail to multifamily.
The 76 transactions reached a $3.3 billion volume, representing a drop of four percent and a six percent increase respectively from the previous three months.
While many asset classes showed an imbalance between volume and transactions (gains versus drops), the office sector stood out with its strong performance. Its 13 transactions for sales of $1.6 billion surged 86 percent and 98 percent in the fourth quarter. Haddad Brands commanded the largest office purchase with its 2 Park Avenue acquisition for about $360 million. Also, office prices per square foot surged 33 percent to $507.
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