Cushman & Wakefield is pleased to announce the release of their exclusive year-end 2014 Property Sales Reports. These unique, industry-leading reports provide a comprehensive study of the investment sales market by product type in the New York City area (Manhattan, Northern Manhattan/Bronx, Brooklyn, and Queens).
“2014 was the best investment sales market we have seen in the past 30 years. More properties were sold in the city than ever before with 5,197 properties trading hands. The dollar volume surged 45 percent to $55.8 billion. These tremendous increases in volume were accompanied by value appreciation of 20 percent citywide with Manhattan leading the way with a 34 percent gain, resulting in an average price per square foot of over $1,400. It was truly a spectacular year!” stated Bob Knakal, Chairman, New York Investment Sales.
2014 was one of the best years for commercial real estate in New York City’s history. The investment sales market set an all-time high, with nearly 5,200 properties sold, surpassing the previous high of 5,018 in 2007. Citywide dollar volume was $55.8B second only to 2007’s $62.2B, when the Equity Office portfolio sold for $7B.
“New York City saw a banner year in 2014, with all markets performing exceptionally well. The outer markets experienced record levels of sales activity in 2014, with Brooklyn, Queens, Northern Manhattan and the Bronx exceeding $15.1B, which is $5B more than the previous peak of 2007. We expect this record level of dollar volume to continue and possibly be exceeded in 2015,” said Adrian Mercado, Vice President, Research.
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