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Dollar Volume Rises on Investment Sales Citywide

New York City’s investment sales market showed signs of improvement in 2018’s first six months from a slow second half of 2017, according to the Real Estate Board of New York’s Investment Sales Report. Total dollar value was $21.6 billion, a 20% increase year over year, with Manhattan, Brooklyn and Queens all seeing increases, while The Bronx and Staten Island declined.

“Following two consecutive years of decline in citywide investment sales consideration, overall consideration has increased,” said John H. Banks, REBNY President. “Investors are making commitments to smart, long-term assets and stoking activity within various property categories.”

Some property categories enjoyed significant Y-O-Y increases in dollar value. Elevator apartment buildings more than doubled in dollar volume to $4.2 billion for H1 2018.

Hotel sales were up 110% Y-O-Y to $2.2 billion, while sales of garages/gas stations/vacant land rose 79%. H1 2018’s biggest sale was the $2-4-billion trade of Chelsea Market (pictured).

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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