We’ve proudly shared our previous milestone with you (when the number of registered members passed the one million mark), so we thought you’d join us in celebrating the fact that PropertyShark.com now registers more than one million unique visitors per month!
Archives For New York Commercial Real Estate
Articles on the New York City commercial real estate market. Read news about the office, multifamily and hospitality markets, commercial transactions, commercial foreclosures and more.
It’s December. Year-end lists are bound to be heading your way. So we thought we’d do something a little different: we’ve looked back at the past ten years, and added up all NYC property sales (commercial, residential, and industrial) collected by PropertyShark throughout the past decade, in order to determine the market size.
In case you’ve ever wondered how much the NYC real estate sales volume accounted for in terms of $ in each of the past ten years, here are the numbers, placed right next to the overall NYC City Budget, for a broader perspective:
In our previous blog post called See Past the LLC: 3 Ways to Unmask the Real Owner of an NYC Property, we talked about the three easiest ways to find out the real name of a property owner. As promised, here’s a follow-up to that article, detailing three alternative ways to get behind an LLC:
1. Look at Building Permits
At times, searching for the true owner of a property can turn out to be a rather difficult task, especially since many commercial property owners choose to use the status of an LLC when making a purchase. But that doesn’t mean you can’t get the information you’re looking for!
There are several ways of unmasking the real owner of a New York property using PropertyShark, and here are the easiest three: Continue Reading…
Although last year the overall activity in the commercial sector in NYC was the most upbeat we’ve seen in 5 years, the hotel segment was far from boasting the same results.The sales volume dropped by 58%, totaling only $1.6 billion. This is a sharp fall from the results seen in 2011, but still at least twice the figure in either 2008 or 2009.
The number of transactions saw a 30% decrease year-over-year, with only 31 deals closed in 2012, while the median sale price also dropped by 78% over 2011, from $46 million to 10 million.
The surprise came from Brooklyn last year: the borough managed to register a 5-year record in commercial transactions due to the sale of the Kings Plaza Mall, which raked in $751,000,000.Continue Reading...
In Q3 2012 the segment with the most encouraging activity continued to be the office spaces, bringing $3.66 billion in sales, up 22% quarter-over-quarter.Continue Reading...
There was a 7% increase in office building sales in NYC in Q2 2012 over the previous quarter, PropertyShark’s commercial real estate quarterly report shows. This accounted for $2.83 billion in volume, which was slightly more than what Q1 2012 realized ($2.52 billion).
A higher number of transactions compensated for the fact that prices paid for commercial properties were generally lower. For example, the ten most expensive office buildings had lower price tags than last year, ranging from $100 million to almost $300 million.
It’s Manhattan, it’s morning, and it’s time to go to the office. In case you were wondering what neighborhoods devote the largest total areas of office space to the working crowd in Manhattan, here is our weekly chart to consider:
Q1 2012 was the fourth consecutive quarter in which the commercial real estate market in New York City accounted for more than $4 billion in sales ($4.98 billion), recording a 52% Y-o-Y increase. In terms of commercial transactions, the 849 sales closed in Q1 2012 were up by 25% over the first quarter of 2011 and remained level compared to the previous quarter.