Cushman & Wakefield is pleased to announce the release of its exclusive fourth quarter 2015 Property Sales Reports. These unique, industry-leading reports provide a comprehensive study of the investment sales market by product type in the New York City area (Manhattan, Northern Manhattan/Bronx, Brooklyn, and Queens).
After a record-breaking year in 2014, which saw an all-time high for properties sold, the New York City investment sales market hit yet another benchmark in 2015. In the past year, the aggregate sales consideration totaled $74.5 billion, exceeding 2007’s previous record of $62.0 billion. The year’s unprecedented dollar volume was anchored by several mega-deals, including the sale of Stuyvesant Town for $5.4 billion and a $3.8 billion investment into the Brookfield development project near Hudson Yards. Four of the city’s top six quarterly dollar volume totals of all-time have now occurred in 2015, a trend supported in large part by an increased prevalence of larger transactions. The average price per property hit an all-time high of $14.7 million in 2015, exceeding 2011’s previous high by 17.6 percent.
“2014 and 2015 were probably the two best years ever for the sales brokerage industry. Supply was strong, demand was excessive and market indicators were moving in the right direction,” said Bob Knakal, Chairman, New York Investment Sales.
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Agents: Robert Knakal