NEW YORK CITY—For the second half of 2017, the Real Estate Boardof New York's Investment Sales Report found the total value oftransactions completed reached $17 billion. This was 37% down from$26.8 billion recorded for the second half of 2016. Citywideinvestment sales fell 19% year-over-year, dropping from 2,880transactions to 2,334 transactions for the second half of 2017.
Unlike the statistics for across all the boroughs, the Bronx hadsomething to cheer about with gains in investor spending. This wasup from $1.4 billion in the second half of 2016 to $1.5 billion inthe second half of 2017. However, this increase was in part due tothe $115 million sale of the Concourse Village office building at260 East 161st St. and the $88 million sale of the FrancesSchervier Home and Hospital at 720 West 231st St.
The report found compared to the significant declines ininvestment sales amounts and activity seen in the other boroughs,Bronx investment sales activity remained stable, although slipping4% year-over-year to 375 sales from 392.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
