{"id":198283,"date":"2026-04-15T17:19:09","date_gmt":"2026-04-15T17:19:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/198283\/"},"modified":"2026-04-15T17:19:09","modified_gmt":"2026-04-15T17:19:09","slug":"manhattan-property-sales-hit-five-year-high-in-q1","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/198283\/","title":{"rendered":"Manhattan Property Sales Hit Five-Year High in Q1"},"content":{"rendered":"

Manhattan\u2019s commercial property market is so back\u2026at least so it seems.<\/p>\n

In the first quarter, there were 92 transactions in the borough \u2014 encompassing multifamily, office, retail, development and conversions \u2014 totaling $3.7 billion traded, according to the Commercial Observer<\/a>, via an Avison Young report. That represented a 37 percent increase from last year\u2019s $2.7 billion first quarter dollar total and top quarterly mark since 2021.<\/p>\n

The multifamily market exploded to $1.07 billion in deals in the first quarter, up 141 percent year-over-year. The sector made up nearly half of the deals tracked by Avison Young; if the market keeps pace, multifamily sales could rise by 145 percent year-over-year.<\/p>\n

\u201cMultifamily was 44 percent of the [total] dollar volume [in Q1] and that is significant because it\u2019s typically only a quarter of the sales volume,\u201d Avison Young\u2019s James Nelson told the publication.<\/p>\n

The office market also had a strong first quarter, leading all of New York City in capital trades. There were 22 sales across the city with $1.8 billion trading hands.<\/p>\n

When considering all five boroughs, New York City sales volume rose by 23 percent from the fourth quarter, seeing $5.68 billion in deals in the first quarter. There were 182 deals in the city from January to March.<\/p>\n

The question is whether or not the market can keep up the hot streak for the rest of the year. Avison Young projects $14.8 billion in deal volume in Manhattan for the full year, essentially multiplying the first quarter total by four. That would be a 23 percent rise year-over-year.<\/p>\n

The second quarter is off to a promising start, as Igal Namdar\u2019s Namdar Realty Group is in contract<\/a> to buy the 540,000-square-foot office building at 250 West 57th Street from Empire State Realty Trust for approximately $280 million.<\/p>\n

Avison Young\u2019s Brandon Polakoff sees strong investor appetite, particularly in the multifamily sector as supply remains limited and fundamentals are strong.<\/p>\n

\u201cWith the mayoral election now behind us, that added clarity has prompted more owners to move on assets and take advantage of current pricing,\u201d Polakoff added.<\/p>\n

\u2014 Holden Walter-Warner<\/a><\/p>\n

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Igal Namdar buying ESRT\u2019s 250 West 57th Street for $280M<\/p>\n

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Sovereign Partners buying 575 Fifth Ave for $380M<\/p>\n

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NYC\u2019s top deals: Trio of Downtown Manhattan apartment buildings sell for $49M<\/p>\n

\t\t\t<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Manhattan\u2019s commercial property market is so back\u2026at least so it seems. In the first quarter, there were 92…\n","protected":false},"author":2,"featured_media":198284,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[75,84,83,79018,9,24,63],"class_list":{"0":"post-198283","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-manhattan","8":"tag-manhattan","9":"tag-manhattan-headlines","10":"tag-manhattan-news","11":"tag-manhattan-property-sales","12":"tag-new-york","13":"tag-new-york-city","14":"tag-nyc"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/198283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=198283"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/198283\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/198284"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=198283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=198283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=198283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}