NEW YORK CITY—A totalof 416 investment sales transactions took place during the firsthalf of the year in both Manhattan (166) and the boroughs (250),according to new research from Colliers—significantly down from 698 during the same timeperiod last year.
Multifamily transactions lead the way with 157 transactions or37.7% of deal velocity. But the value of these deals have droppedwith the average sales price for a Manhattan office buildingfalling from $919 per square foot to $656 per square footin the second quarter.
"Without a doubt, the second quarter of 2020ranked as one of the most challenging periods in the history of theManhattan office market," said Franklin Wallach, senior managingdirector of Colliers International New York Research, in preparedremarks. "The COVID-19 pandemic and the resulting record-highunemployment rate led to a significant drop in leasing volume whilesupply increased.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
