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NYC Development Sites See Uptick in Sales
Sales of residentially-zoned development site sales above $5 million rose 11% across New York City in the fourth quarter compared to Q3, Avison Young reported. Q4 saw 20 transactions, up from 18 in the prior quarter.
The 20 transactions amounted to more than $593 million and two million-plus buildable square feet, with land prices throughout the boroughs staying mostly consistent with activity seen earlier in the year. Even with the Q4 bump, though, development activity for 2019 dipped to near 10-year lows, with dollar volume dropping around 65% off the 10-year average.
“Despite the dip in 2019 activity, the city’s population growth and strong job market have allowed for a healthy number of new construction projects,” said Daniel Tropp, a director in Avison Young’s Tri-State Investment Sales Group. “The current financing environment and the changes to the Qualified Opportunity Zone program will also have positive impacts on the market.”
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- ◦Development
- ◦Sale/Acquisition
