Sunday, February 13, 2011
New York Commercial Property Report
Manhattan tops in multi family transactions in 2010
According to Ariel Property Advisors, Manhattan was New York City's most active borough in multi family transactions in 2010. Total transactions totaled $2.1 billion spread across 170 buildings with an average price of $440 per square foot. Second was Brooklyn with 99 trades totaling $360 million.
Hotel sector on rebound
Manhattan's hotel sector poised for further growth driven by surging demand from corporate travelers and tourists. Transaction volume is forecast to increase from $1.5 billion in 2010 to $2 billion in 2011.
Foreign investors feasting on NYC hotels
Crain's reported that over the past 8 months, foreigners from all over the whole have been buying up Manhattan hotels to take advantage of the turnaround.
2011 turning point for commercial property
Cushman and Wakefield expects 2011 to be a turning point for New York's commercial property market. This is driven by job growth and declining vacancy rates.
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