Second Half 2019 NYC Investment Sales Report

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EXECUTIVE SUMMARY

In the second half of 2019, the total consideration, or total monetary value for all recorded sales, in the New York City investment sales market reached $18.6 billion citywide—a result of 1,716 total transactions. Total consideration in the second half of 2019 decreased 14% year-over-year, while the total number of transactions declined 18% year-over-year. The largest transaction was a $909 million office building trade at 711 Fifth Avenue, from Coca Cola to Nightingale Properties. Overall, sales consideration of multifamily residential buildings decreased 52% year-over-year and transactions decreased 38% year-over-year.

KEY FINDINGS

  • Total consideration for investment sales decreased in all five boroughs.
  • Sales consideration of multifamily rental buildings with elevators ($2.3B) decreased 8% from the first half of 2019 and 52% year-over-year.
  • Sales consideration of multifamily rental buildings without elevators ($1.4B) decreased 21% from the first half of 2019 and 52% year-over-year.
  • Sales consideration for office buildings ($8B) increased 15% from the first half of 2019 and 23% year over-year. Office buildings represent the majority of citywide total consideration (42%).
  • Sales consideration for retail property ($1.3B) decreased 48% from the first half of 2019 and 25% year-over-year. However, total retail transactions increased 5.5% from the first half of 2019 and 1% year-over-year.
  • Sales consideration for industrial sales ($1.6B) decreased 24% from the first half of 2019 and increased 71% year-over-year.
  • Rent stabilized units declined 73% year-over-year in total consideration, from $5.72 billion to $1.6 billion citywide.