NEW YORK CITY—Commercial real estate transactions dropped significantly here in the first half of the year, with 1,229 recorded transactions totaling $10.5 billion, according to the Real Estate Board of New York. This represents a 32% decline in the volume of transactions and a 54% decline in total consideration compared to the first half of 2019. These figures represent all-time lows since REBNY's reporting began in 2015.
The largest transaction this reporting period was the $978 million sale of the Lord & Taylor Building, 424 5th Avenue, from WeWork to Amazon in March.
There was little relief from the downward trend in activity in the first six months of the year, with all boroughs and asset classes registering significant declines.
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Here are the key takeaways from the report.
- Multifamily rental, elevator transactions declined 17%, consideration declined 65% and the average price declined 58% year-over-year.
- Multifamily rental, non-elevator transactions declined 44%, consideration declined 55% and the average price declined 21% year-over-year.
- Office transactions declined 12%, consideration declined 45% and the average price declined 38% year-over-year.
- Garages/gas stations/auto transactions declined 29%, consideration increased 3% and the average price increased 44% year-over-year.
- Vacant land transactions declined 33%, consideration declined 17% and the average price increased 24% year-over-year.
- Industrial transactions remained flat, consideration increased 32% and the average price increased 32% year-over-year.
- Hotel transactions declined 75%, consideration declined 81% and the average price declined 24% year-over-year.
- Retail transactions declined 13%, consideration declined 19% and the average price declined 7% year-over-year.
- Commercial condo transactions declined 70%, consideration declined 98% and the average price declined 94% year-over-year.
- Manhattan investment sales transactions declined 35%, consideration declined 59% and the average price declined 37% year-over-year.
- Bronx investment sales transactions declined 23%, consideration declined 37% and the average price declined 18% year-over-year.
- Brooklyn investment sales transactions declined 25%, consideration declined 41% and the average price declined 22% year-over-year.
- Queens investment sales transactions declined 41%, consideration declined 57% and the average price declined 28% year-over-year.
- Staten Island investment sales transactions declined 36%, consideration declined 18% and the average price increased 29% year-over-year.
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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.
