In 2014, 974 buildings sold in Manhattan, up 21% from 2013. This represented a turnover rate of 3.5%, 60bps higher than in 2013.
Manhattan's aggregate sales consideration in 2014 was $41 billion, up 42% from 2013. The 4Q14 dollar volume was $10.4 billion, an increase of 6% over the quarter.
Additionally, property values in the borough increased by 34% in 2014 to an average of $1,407 per square foot and cap rates were down by 40 bps from 2013 to 4%.