Manhattan investment sales drop to 10-year low
Manhattan investment sales totaled 21 transactions, the lowest number of sales since the third quarter of 2009, and a 64 percent decline from the third quarter of 2019, according to Avison Young’s Third Quarter 2020 Property Sales Report. Dollar volume totaled $1.1 billion, a 74 percent decrease off the third quarter of 2019 and the lowest level since the first quarter of 2010.
Two transactions, 1375 Broadway and 522 Fifth Avenue, which went into contract before the COVID-19 shutdown, accounted for 68 percent of the total dollar volume in the third quarter.
The following is a breakdown of third-quarter investment sales by asset class:Nine multifamily/mixed-use transactions occurred, totaling $121 million. One retail transaction, 152 Franklin Street, a vacant retail condo in Tribeca, occurred, totaling $1.5 million. One