Manhattan's investment sales were mixed for the first quarter, according to Avison Young, which reports there were 84 transactions for a $2.7 billion volume, representing a 12 percent rise and a 17 percent plunge in the respective categories.
From a volume perspective, the results were driven by shaky starts in the office and the multifamily/mixed-use sector, as they were down 58 percent ($659.8 million), and 31 percent ($444 million), respectively. Retail, meanwhile, saw a 21 percent boost to $604 million, while developments in general surged by 132 percent to $705 million.
Transactions showed some strength in retail and office, which were up by five percent and 15 percent, respectively. But most notably developments in general skyrocketed by 167 percent. But multifamily and mixed-use's struggles carried over to transactions, seeing a slowdown of three percent.
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