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NYC Investment Sales Volume Drops 54% Year-Over-Year
Investment sales volume in New York City totaled $10.5 billion for the first half of 2020, down 54% from a year ago, according to the Real Estate Board of New York (REBNY)’s 2020 Biannual Investment Sales Report. The total number of transactions was down 32% year-over-year. Both figures represent all-time lows since REBNY’s reporting began back in 2015.
Within the multifamily category, sales volume declined 50% and transactions declined 29% compared to the first half of 2019. The year’s largest investment sale to date occurred in the office category: WeWork’s $978-million sale of 420 Fifth Ave. to Amazon.
“We continue to see the devastating and long-lasting impacts the pandemic has had on the health and stability of the New York economy,” said REBNY President James Whelan. “Real estate is a fundamental driver of the City’s economy and it’s essential to New York’s recovery that the industry bounces back.”
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- ◦Sale/Acquisition
