October 28, 2015 | Commercial Observer | Bob Knakal
Last week, I wrote about how the investment sales market is
performing on a citywide basis (2015 will undoubtedly set a new all-time
record), but if we disaggregate the citywide information, here is what
is happening in each geographic submarket.
Manhattan: South of 110th Street on the West Side
and south of 96th Street on the East Side there has been $42.1 billion
in sales in 1-3Q15, which, if annualized, is on pace for $56.17 billion.
Notably, the $42.13 total already eclipses last year’s annual total.
The present pace, if realized, would be 33.4 percent above 2014, and
would establish a new all-time record by 6.9 percent over 2007’s $52.5
billion. Eight hundred and eleven properties have traded hands in
Manhattan thus far in 2015, which is on pace for 1,081 for the year, 6.4
percent above last year’s 1,016, but will fall short of 2012’s record
of 1,200 properties sold...
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