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NYC Investment Sales Rebound from 2017 Correction

The dollar volume of New York City investment sales jumped 35% year-over-year to $45 billion in 2018, Avison Young reported. Powering this increase were 64% Y-O-Y gains in dollar volume for both multifamily and development transactions.

“Investment sales in 2018 rebounded from 2017’s corrective market, and dollar volume ended the year well above the 10-year average of $41 billion,” said James Nelson, head of Avison Young’s Tri-State Investment Sales Group. “Our research indicates that this upward trend in sales will continue into 2019.”

While office accounted for all three of the year’s $1-billion-plus sales, topped by Google’s $2.4-billion deal for Chelsea Market (pictured), the sector’s Y-O-Y dollar volume increase was smaller at 18%. The number of transactions, 164, was also relatively flat from 2017.

Yet, office cap rates compressed to 4.89% during 2018. That’s in contrast to multifamily, where cap rates expanded to 4.62%.

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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).

  • ◦Sale/Acquisition
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