NYC: Investment Sales

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NYC: Investment Sales

According to a Cushman & Wakefield, commercial investment sales (or: sales of buildings) are expected to be down by 44 percent by the end of the year (when compared to 2016), though there are signs that 2018 could be much sunnier.

Cushman’s data show that land prices fell 17 percent this year, retail is down 8 percent, office space declined by 4 percent, elevator apartment buildings fell 3 percent and walk-up multifamily buildings declined 1 percent. “We have been in the midst of a quintessential correction” Bob Knakal, Cushman’s chair of investment sales, said to Crain’s Report and explained that  downward pressure got exerted on value and bids came in lower than sellers wanted to accept influencing the number of transactions which declined. Knakal said he believes that transactions will pick up next year, and that recent activity “has been tremendous.” (source: Crain’s)