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Manhattan Commercial Property Sales Report

Provides a thorough analysis of the property sales transactions in Manhattan for the quarter. It details how the commercial sales market is performing compared to past quarters and examines total dollar volume, number of transactions and average price per square foot for multifamily, office, land, retail and hotel sales.

24-Jul-2013 — Manhattan Commercial Property Sales Report - 2Q2013
After a relatively quiet first quarter, investors jumped back into the market in the second quarter yielding an increase in commercial property sales volume of more than 30%. The total volume for the quarter, $9.1 billion, fell below the fourth quarter of 2012 which was $14 billion, but it exceeded the quarterly average for the last two years. The prices paid for properties increased dramatically in the quarter, especially for office properties and development sites.

13-May-2013 — Manhattan Commercial Property Sales Report - 1Q2013
Most investors had rushed at the end of 2012 to close deals before the capital gains tax increased; thus, as expected, Manhattan commercial property sales volume fell sharply in the first quarter. After soaring to $14 billion at the end of 2012, volume fell to $7 billion in the first quarter. We had foretold that volume would drop. A look over the last few years shows that the first quarter of 2013’s total volume was in line with the average quarterly volume in 2011 and 2012.

08-Jan-2013 — Manhattan Commercial Property Sales Report - 4Q2012
Manhattan commercial property sales volume jumped to $10.8 billion in the fourth quarter, an increase of 85% over the third quarter of last year. This past quarter’s volume also eclipsed the most recent quarterly high of $10.6 billion closed in the third quarter of 2011 when 16 office properties traded for $100 million or more. In this past quarter, the top story was retail: more than $2 billion in retail properties traded, up from a previous high of $780 million in the second quarter of 2012.

18-Oct-2012 — Manhattan Commercial Property Sales Report - 3Q2012

Manhattan commercial property sales volume fell to $5.6 billion in the third quarter, the lowest volume of sales since early 2011. With $5.9 billion in the first quarter followed by $6.1 billion in the second, the average quarterly volume of $5.75 billion thus far in 2012 looks disappointing when compared to last year’s $10+ billion volume in the second and third quarters. With 300 sales, the number of transactions closed was actually the highest since 2008; however, there were far fewer sales above $100 million in the quarter. Clearly a number of owners and investors are waiting to see the outcome from the upcoming elections as well as some subsequent movement on capital gains and other tax changes.

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17-Jul-2012 — Manhattan Commercial Property Sales Report - 2Q2012
Manhattan commercial property sales volume was little changed in the second quarter. At $5.8 billion, it fell just below the volume of the first quarter, $5.9 billion, and was half the volume of the second quarter of 2011 when 16 large office transactions closed for more than $100 million along with five $100 million+ hotels. This past quarter, only 11 office transactions of this size traded. In fact, the bulk of the deals closed in the second quarter were below $50 million.  

19-Jan-2012 — Manhattan Commercial Property Sales Report - 4Q2011
Commercial Property Sales Volume fell by more than 40% in the fourth quarter to $6.3 billion. Nearly every property type outside of hospitality saw a decline, but the slowdown was most pronounced in multifamily and office property sales which both registered half the volume that was traded in the third quarter. 

To be sure, the decline was primarily due to a lack of large transactions. In the third quarter, one company, UDR, Inc., purchased three multifamily properties in Manhattan that, combined, amounted to $900 million – nearly the total dollar volume of multifamily sales recorded in all of the fourth quarter: $1.02 billion. The total number of commercial transactions only fell by 5% as the small to mid-sized market remained healthy.  Moreover, an additional $500 million of sales contracts have been signed but were not closed on Manhattan commercial properties as of the end of the year.

11-Oct-2011 — Manhattan Commercial Property Sales Report - 3Q2011
Driven by a surge in multifamily building trades, the Manhattan property sales market stayed strong in the third quarter as $9.8 billion in sales were closed, which was a slight decline from last quarter’s $10.7 billion.  However, the current numbers are preliminary and will likely be revised upwards as more transaction data – generally recorded with a delay – trickles in.

The volume of sales tends to slow in the summer months.  Yet given the gyrations in the stock market after Standard and Poors downgraded the U.S. debt, the prolonged uncertainty from the negotiations on lifting the U.S. debt ceiling and the ongoing risks stemming from the European debt crisis, it is rather remarkable that the commercial sales market did as well as it did last quarter.  As per President, Daun Paris, “Investor confidence did not waver much over the last six months. Moreover, many owners are looking to refinance given the low interest rate environment.”

The enclosed report shows how the property sales market fared by property type. Aside from multifamily, which we analyze by neighborhood, most of the results show a slight decrease compared to last quarter.

12-Jul-2011 — Manhattan Commercial Property Sales Report - 2Q2011
After a slow first quarter, the property sales market came alive in the second quarter as over $9.4 billion in transactions were closed. The jump was due to an increase in large transactions: 25 transactions of $100 million or more closed in the quarter up from 11 in the first quarter.  

The enclosed report shows how the property sales market fared by property type. Most of the results show a sharp increase in volume compared to last quarter.

14-Apr-2011 — Manhattan Commercial Property Sales Report - 1Q2011
The upward momentum in Manhattan’s commercial property sales market slowed in the first quarter as $3.6 billion in sales were closed following over $6.6 billion in the fourth quarter of 2010.  A number of investors rushed to close deals in the fourth quarter of last year for fear that the capital gains tax would jump in 2011.  The capital gains tax was left unchanged but the tax bill was not signed until mid December by which time most closings were already in the works.

The enclosed report shows how the property sales market fared by property type. Most of the results show a downward tick compared to last quarter, but this is to be expected given the flurry of activity at the end of 2010.

14-Jan-2011 — Manhattan Commercial Property Sales Report - 4Q2010
Manhattan’s commercial property market ended 2010 on a solid note as the sales volume increased by 72% over the third quarter. A significant share of the increase in the quarter, however, was attributed to Google’s $1.77 billion purchase of 111 Eighth Avenue. Still, removing this transaction from the statistics puts the volume a respectable 21% above the third quarter.  The cumulative sales volume for the year ($15.5 billion) surpassed the total volume for all of 2009 ($5.8 billion) by 167%. However, the 2010 cumulative volume equates to one-quarter the cumulative volume of 2007 ($63 billion). The results for both volume and average prices paid by property type are shown on page 3 and 4. Indeed, the fourth quarter results were reassuring to investors and lenders, confirming that the pace of Manhattan’s commercial sales market is accelerating.