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NYC Investment Sales Reach “Inflection Point”

Second-quarter dollar volume for all Manhattan property sales was $4.8 billion, 10% lower than the trailing four-quarter average, according to an Avison Young report. The transaction volume of 76 sales was off 17% from the four-quarter average.

That being said, Q2’s dollar volume was higher than in Q4 2018 and Q1 2019. However, 46% of the dollar volume was attributed to WarnerMedia’s $2.2-billion sale-leaseback at 30 Hudson Yards. Without it, the quarterly dollar volume would drop to the lowest quarterly average since 2010.

“After the sweeping rent regulation law was passed in Albany in June and on the heels of Amazon’s departure, the New York City market is at an inflection point,” said James Nelson, principal and head of Avison Young’s tri-state investment sales group. “As the market adjusts, it remains to be seen if investors will view this as an opportunity to buy with rates at all-time lows.”

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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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