In first half 2018, $22.5 billion of Manhattan properties — such as office towers and apartment complexes — changed hands, up 34 percent from a year earlier, according to Cushman & Wakefield.
The pace is running far behind the $38 billion of deals completed during the first six months of 2015. Last year, transaction volume was down more than 50 percent from the record levels of 2015.
“There are geopolitical risks, trade tensions, increased volatility in the equity markets, but these factors often drive even more capital into the safety of the U.S. economy and into prime real estate assets,” said Doug Harmon, chairman of capital markets at the brokerage.
Manhattan second quarter new office leasing activity reached 9.1 million square feet, marking only the third time quarterly leasing exceeded 9 million square feet, according to Cushman &Wakefield.
And according to CBRE’s annual Global Prime Office Occupancy Costs report, New York (Midtown-Manhattan) ranked sixth, with an annual rent of $183.78 per square foot, while New York (Midtown-South Manhattan) is at the seventh position, with an annual rent of $171.56 per square foot.
Recent Manhattan transactions reported by IREN include:
Katara Hospitality to acquire Plaza Hotel in Manhattan
Brookfield to pay $160m for Manhattan hotel
Ohio STRS invests $432m in Manhattan office building
SL Green venture selling Manhattan office space for $633m
PGGM acquires Manhattan apartment tower for $650m
Blackstone to sell Manhattan office for $640m
