Avison Young: Manhattan’s Volume of Commercial Investment Falls 74 Percent in Third Quarter

NEW YORK CITY — Total commercial investment activity in Manhattan totaled $1.1 billion across 21 transactions in the third quarter, a 74 percent decrease in the total dollar amount relative to that period in 2019, according to a new report from Avison Young. Both the number of transactions and the total volume of investment dollars represent 10-year quarterly lows for Manhattan. In addition, two deals that were put under contract prior to the outbreak of COVID-19, the sales of 1375 Broadway and 522 Fifth Avenue, accounted for nearly 70 percent of the total dollar volume. Among individual property types for the third quarter, Manhattan recorded nine multifamily transactions totaling $121 million, four office building or office condo deals totaling $847 million and six development site sales totaling $141 million. The market saw only one retail property trade hands, a vacant condo at 152 Franklin St. in Tribeca that sold for $1.5 million.