New York City has recorded record breaking numbers throughout the year of 2022. The most prominous borough, Manhattan, has recorded a 2.15B (Billion) in transactional volume in just the last six months. With volume records being shattered, the go to NYC borough has been ranked as a top investment parcel in the country.
The price per square foot has risen from $967 a SQ/ft to $1,024 a Sq/ft making it the priciest market in the United States. Real Estate purchases in the area have begun to heat up, the largest this year was at 475 Fifth Ave, a 275,738 Sq/Ft commercial building located in the Murray Hill neighborhood. The building sold for a whopping 290 Million dollars and was backed by senior lenders: JP Morgan Chase & CitiGroup.
As a result of the pandemic, the New York City real estate market has been in recovery mode. With the economy & marketplace heading back into the right direction, look for the New York City commercial real estate market to continue on its sales rampage as companies and investors nestle back into properties.