In 2014, 314 properties sold in the Nassau County property
sales market, a 2% decrease from 2013. In the fourth quarter of
this year, 71 properties were sold, down 15% from 4Q13. The
aggregate sales consideration in 2014 was $898M, down 28% from
2013, with $205M sold in 4Q14, an increase of 41% from 4Q13.
Price per square foot averaged $243 on the year, an increase of
7% from 2013, with the fourth quarter averaging $208, down 5%
from 4Q13’s average. Cap rates fell 32 bps on the year, to 6.8%.
The Nassau investment sales market has mirrored larger regional
trends in the last five years, with transactional and pricing metrics
showing stable growth over that time frame. In the largest sale of
the last ten years, The Macerich Company acquired Green Acres
Mall from Vornado Realty Trust for $500M in January of 2013,
significantly boosting total dollar volume for that year. Excluding
this transaction from the data, dollar volume shows a healthy uptick
of 20% from 2013. In fact, with this adjustment, dollar volume has
seen year-over-year increases since 2009, ending 2014 at $746M,
143% higher than 2009’s total of $369M. Pricing has followed a similar pattern, having increased steadily since 2010, with 2014’s
average of $243 representing an 11% increase from 2010’s average.
Neighborhoods: Nassau County