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Queens Withstands 2020’s Steep Drop in Investment Sales
The Queens investment sales market experienced a slow year in 2020, due largely to the COVID-19 pandemic, Ariel Property Advisors reported. However, on a percentage basis it fared better than Manhattan in terms of dollar volume, although Manhattan’s declines for transaction volume and property volume weren’t quite as steep.
In total, the borough registered $2.12 billion in gross consideration, stemming from 310 transactions and 388 properties sold. These numbers represent a 48% decrease in dollar volume, 38% decrease in transaction volume, and a 40% decrease in property volume year-over-year.
As a basis of comparison, Manhattan investment sales saw a 37% decline Y-O-Y in transactions, a 30% drop in property volume and a 55% decrease in dollars. Brooklyn saw a 37% drop in both transactions and properties, and a 34% decline for dollars.
However, Ariel notes that with vaccines now starting distribution, “The promise of a post-COVID era is in sight.”
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- ◦Sale/Acquisition
