New York City investment sales volumes were devastated by the pandemic. At the end of the year, investment volumes fell more than 50% in the market, according to research from Cushman & Wakefield, totaling $22.1 billion. This is the lowest investment activity on record since 2010, the pit of the previous recession. Investment volumes in Manhattan, Northern Manhattan and the Bronx fell the most significantly, down 55% for the year. Investment volumes in Queens were down 43%, while Brooklyn fared the best with investment volumes down only 24% for the year, according to the Cushman report.

Decreased institutional investment was the primary reason for decreasing sales volume. Large sales greater than $75 million decreased 59% in 2020. However, sales activity rebounded at the end of the year. In the fourth quarter investment sales totaled $5.5 billion, up 24% from the third quarter and an impressive 48% from the second quarter.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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