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Manhattan Office Condo Market Makes Strong Rebound
Sales velocity in Manhattan’s office condominium market has returned to pre-pandemic levels, office condo specialist Rudder Property Group (RPG) says in its biannual report. Volume in 2021’s second half rose 90% over the first half, with both dollar volume and unit sales above five-year averages.
A new wrinkle in the market is conversions, which have gained popularity among landlords facing a soft leasing market, says RPG.
“While many buyers remained on the sidelines over the past two years, they have returned to the market during the second half of the year in force, taking advantage of lower prices and historically low interest rates,” said RPG principal Michael Rudder.
“As demand remains high during the beginning of 2022, we expect to see prices continue to trend upwards. The addition of new, office-to-office-condo-conversions will give buyers a few more options to consider, though we expect these properties to sell at a premium.”
- ◦Sale/Acquisition
