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PRESS RELEASE
April 22, 2015
Cushman & Wakefield Releases First Quarter 2015
New York City Capital Markets Findings
$20.8 Billion Worth of Properties Sold Setting An All-Time Record in Quarterly Dollar Volume
NEW YORK - The New York City investment sales market set an all-time record in quarterly dollar volume in 1Q15
with $20.8 billion sold, surpassing the previous record of $20 billion established in 1Q07. Large ticket sales dominated
the first quarter headlines, with three sales over $1 billion occurring in 1Q15 compared to four in all of 2014. These
large transactions, which all occurred in Manhattan, meant the borough contributed 81% of total dollar volume for
New York City. The city is on pace to record 4,936 building sales in 2015, with 1,234 buildings sold in 1Q15. This year’s
total number of buildings sold is expected to fall behind 2014’s record of 5,532 properties sold.
“After an incredible 2014, with more investment properties selling in New York City than ever before, it is
remarkable that the market is continuing to roll along. The dollar volume in 1Q15 established a new record and
expectations are for this unprecedented level of activity to continue throughout the year. New York real estate has
become the hard asset of choice for wealthy investors from across the country and around the globe,” said Bob
Knakal, Chairman, New York Investment Sales.
Some highlights include:
•
•
•
Global capital seeking safety will look towards the U.S. with ‘gateway cities’ its preferred destination – with Massey
Knakal is now Cushman & Wakefield
the US economy set to outperform most of the developed world in 2015, and New York City’s economy
On December 31, 2014, Cushman & Wakefield acquired Massey Knakal Realty Services, New York
outperform
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York
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metropolitan area to close over 6,000 transactions, with an aggregate
Shannon Krause, PR Manager
value in excess of $23 billion.
Tel: (212) 696.2500 Ext. 7793
Cushman
& Wakefield
and represents
clients on
all aspectsrecord
of property
and – we expect
Citywide
dollaradvises
volume
set an all-time
quarterly
withoccupancy
$20.8 billion
dollar volume to Fax: (212) 696-0333
investment. Founded in 1917, it has approximately 250 offices in 60 countries, employing more
remain
high
throughout
the
year,
ending
2015
with
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all-time
high.
shannon.krause@cushwake.com
than 16,000 professionals. It offers a complete range of services to its occupier and investor clients
for all property types, including leasing, sales and acquisitions, equity, debt and structured finance,
corporate
and investment
banking, appraisal,
consulting,
corporate
services,
anddollar
property,
On afinance
submarket
level, Brooklyn
also set
an all-time
record
for its
volume with $2.3 billion, representing facilities, project and risk management.
61% of total outer borough dollar volume.
PRESS RELEASE
•
Large transactions dominate the headlines with three transactions over $1 billion making up 25% of total dollar volume, led by the acquisition of 3 Bryant Park by Ivanhoe Cambridge and Callahan Capital Properties.
•
Price per square foot was down year over year, finishing 1Q15 at $519, mainly due to a lackluster quarter by the retail sector.
•
For the first time in history, citywide cap rates fell below 5% to 4.8% with all property sectors in Manhattan recording cap rates below 4%.
This information was released at Cushman & Wakefield’s first quarter New York City Capital Markets press conference on
Tuesday, April 14, 2015.
Cushman & Wakefield’s property sales reports, the most comprehensive study of the investment sales market by each
product type in the New York City area (Manhattan, Northern Manhattan/Bronx, Brooklyn, and Queens) will be released in
the coming weeks.
Massey Knakal is now Cushman & Wakefield
On December 31, 2014, Cushman & Wakefield acquired Massey Knakal Realty Services, New York
City’s #1 building sales firm. For over 25 years, Massey Knakal agents have partnered with owners
throughout the New York metropolitan area to close over 6,000 transactions, with an aggregate
value in excess of $23 billion.
Cushman & Wakefield advises and represents clients on all aspects of property occupancy and
investment. Founded in 1917, it has approximately 250 offices in 60 countries, employing more
than 16,000 professionals. It offers a complete range of services to its occupier and investor clients
for all property types, including leasing, sales and acquisitions, equity, debt and structured finance,
corporate finance and investment banking, appraisal, consulting, corporate services, and property,
facilities, project and risk management.
Contact
Shannon Krause, PR Manager
Tel: (212) 696.2500 Ext. 7793
Fax: (212) 696-0333
shannon.krause@cushwake.com