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.
Five Borough Overview
It’s no surprise that Manhattan monopolized the City with regard to commercial real estate: it comprised 83% of the sales, accounting for $4.1 billion. Brooklyn was in a distant second place, with $451 million in sales volume.
|Office and Multifamily Buildings
Accounting for half of all the commercial real estate sales, the office market saw $2.52 billion in volume, up 34% Y-o-Y. Likewise, with $1.44 billion in sales, the multifamily sector also increased, by 31% Y-o-Y, and dropped by 25% compared to Q4 2011.
Transactions over $5 Million
Click here to see our interactive map displaying all commercial properties sold in Manhattan in Q1 2012.