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Large Trades Prevail as Manhattan Numbers Decline
Manhattan sales transactions totaled $3.7 billion in the third quarter, 28% below the trailing four-quarter average of $5.2 billion, according to Avison Young. By annualizing the first three quarters, 2019 is on pace for sales totaling $16.3 billion, or 32.7% below 2018’s $24.3 billion.
That being the case, large trades dominated Q3, including the Coca-Cola Building at 711 Fifth Ave.—a $907-million deal that reportedly was followed by the property’s $955-million resale a few weeks later.
The number of transactions fell to 53 from 76 in the previous quarter, and declined by 36% from the four-quarter average. Avison Young projects 277 sales across Manhattan for 2019, down from a 10-year low of 300 in 2017.
“The Q3 investment sales report indicates that even with declining sales numbers, we’re still seeing large trades and a healthy appetite for trophy assets,” said James Nelson, head of Avison Young’s Tri-State Investment Sales Group.
Pictured: 711 Fifth Ave.
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