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REBNY: Citywide Investment Sales Retreat Year-Over-Year
Investment sales dollar volume in the second half of 2017 reached $17 billion citywide for non-residential properties, a 37% drop from the year-ago period, per the Real Estate Board of New York. The number of transactions was also down on a year-over-basis, with H2 2017’s 2,334 investment sales off 19% from the 2,880 deals recorded in the second half of 2016.
By comparison to the other boroughs, though, the Bronx stood out. Dollar volume in the borough rose Y-O-Y on the strength of two larger deals, while the number of sales declined by just 4%.
REBNY president John H. Banks said the strong showing for Bronx commercial properties carried over from the borough’s strength in fourth-quarter residential sales, which were up 17% Y-O-Y. He added, “While the pace of completed transactions lagged citywide in 2017, investors continue to show interest in income-producing properties across the five boroughs.”
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