New York commercial real estate deals shrank in the first half of 2017. The value of transactions in New York City decreased 39% in the first 6 months of the year from the same period a year earlier, declining significantly in every borough except Staten Island, a new report said. Sales totaled roughly $18 billion in the first half of the...
Sales of commercial real estate in New York City totalled $18bn in the first six months of the year, down from $29.5bn in the same period last year, according to a report from the Real Estate Board of New York. The slump has been driven by falling home prices, which have fallen more than 10% since their peak in 2006. The declining volume of sales and number of transactions suggest investor uncertainty and concerns over rising interest rates, said Michael Slattery, a senior vice-president at the industry group.