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Sales of Office Properties Just $2B in 1Q
April 20, 2017
Sales of New York City office towers started slow in the first three months of 2017, continuing to cool from the peaks recorded in 2015, according to a report from Yardi Systems.
Yardi counts 10 sales of offices properties in first quarter 2017 totaling a little over $2 billion, including eight in Manhattan and two in Brooklyn. One sale, GIC’s $1 billion purchase of 60 Wall Street, accounts for more than half of that dollar volume.
A year before, investors traded the same number of office properties, 10, but for more than twice as much money, totaling $5.5 billion in sales.
The average price for New York City office assets dropped 23% in the first quarter 2017, to $741 per square foot from $964 the year before.
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