Cushman & Wakefield is pleased to announce the release of their exclusive third quarter 2015 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).
Through three quarters this year, the New York City investment sales market has seen consistently heightened dollar volume levels, with an aggregate consideration of $17.9 billion in 3Q15. Three of the city’s top five quarterly dollar volume totals of all-time have now occurred in 2015, and the year-to-date total of $55.4 billion has nearly exceeded 2014’s annual volume of $57.9 billion and has surpassed 2007’s all-time high. The third quarter experienced a boost from the office sector, which totaled $7.5 billion in sales and achieved an all-time high for that property type. The average price per property has risen to $13.9 million this quarter, a 44% increase from 3Q14.
Bob Knakal, Chairman, New York Investment Sales, said “2014 was the best investment sales market I have seen in 32 years. Thus far, 2015 has been putting up a valiant challenge to that title. In some ways, it is not quite measuring up and, in others, it is well on the way to making history. If we look at the dollar volume of sales in the New York City market, 2015 will undoubtedly set a new all-time record."
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