Manhattan Development Sales Decline, Prices Rise

Raber: “While the market saw a decline in activity, overall pricing remained relatively constant.”

NEW YORK CITY—Manhattan’s investment property sales slipped in 2016, with activity slowing down from a record-breaking 2015, while prices across asset types either held steady or improved, according to Ariel Property Advisors’ newly released Manhattan 2016 year-end sales report.

A number of events posed unique challenges to the marketplace last year, the report notes, including geopolitical developments like the Brexit vote, the Federal Reserve’s first rate hike in a nearly a decade, and the election of a new US president. Meanwhile, dollar volume and transactions decreased in 2016 compared with the previous year. The declines reflected a pull-back from 2015’s record year, which was driven by several sizeable outliers.