James Nelson, the vice chairman of the Capital Markets Group of Cushman & Wakefield, is seeing signs of recovery in the city’s investment sales market.
“We’re really excited to get some land moving. Last year, things really froze up but it seems like there’s definitely more optimism coming back in the market and definitely some activity,” he said.
“The beginning of last year started off on a very strong note. And it wasn’t until six months before the election that a lot of people took this wait-and-see attitude. So as a result, the numbers came down from a record 2015 of $70 billion, we ended up with just $50 billion in sales. That seems like a pretty dramatic drop year-over year, but still, having a year with over $50 billion in sales still put last at the top three of all time. So I guess perspective is everything.”
Nelson made the comments during the Real Estate Board of New York’s 121st Annual Banquet. During the event, REBNY honored leaders such as Department of City Planning Director Carl Weisbrod, Forest City Ratner Companies’ MaryAnne Gilmartin and SL Green Realty Corporation’s Marc Holliday.
For the full interview, check out the video below: