Real Estate Weekly
Image default
Deals & Dealmakers Featured

Bronx enjoys investment sales jump as the rest of NYC suffers double-digit dip

Investment sales activity in New York City slowed down during the first half of this year, with sales and volume posting double-digit drops.

When compared to the same period last year, sales consideration (monetary value of completed deals) across the city dropped by 20 percent to $29.5 billion.

Transaction volume, on the other hand, dropped by 19 percent to 2,581 transactions. Both figures were below the city average of $29.6 billion and 2,604 transactions.

“The moderation of the New York City investment sales market follows an outstanding first half of 2015, which was driven by sky high transactions like the $1.95 billion sale of the Waldorf Astoria,” said John H. Banks, III, REBNY President.


“Demand remains robust for core assets throughout the city and top office building sales recorded in the first half of 2016 demonstrate the continued strength of the market.”

Manhattan generated the bulk of sales in the city. The borough accounted for $21.2 billion, which represents 72 percent of the city’s total. However, the area’s figures represent a decline compared to last year’s numbers. During the first half of 2015, Manhattan generated sales consideration of $27.2 billion. Transaction volume also dropped by 28 percent to 508 transactions.

The Bronx. Photo by Retrofresh!/ Flickr
The Bronx. Photo by Retrofresh!/ Flickr

The figures were almost identical in Brooklyn, which also had sharp drops in sales consideration and volume.  For the first half of this year, sales consideration dropped by 26 percent to $5.7 billion. Meanwhile, volume dropped by 26 percent to 901 transactions.

The most robust numbers were in the Bronx. The borough posted a four percent jump in sales consideration to $1.55 billion. Meanwhile, volume dropped by four percent to 441 transactions.

During the period, office buildings accounted for most of the activity, generating as much as 41 percent or $12.1 billion of sales consideration across the city.

A large fraction of the total came from just five deals. These include 787 Seventh Avenue ($1.9 billion), 390 Greenwich Street ($1.8 billion), 550 Madison Avenue ($1.4 billion), 1285 Avenue of the Americas ($1.3 billion) and the News Corporation Headquarters at 1211 Avenue of the Americas ($900 million for a 49 percent stake).

(Visited 1 times, 1 visits today)

Related posts



BIG unveils new De Niro-backed Queens movie studio


Homes in ‘gayborhoods’ cost more than others