{"id":1004539460,"date":"2021-06-15T01:44:04","date_gmt":"2021-06-15T09:44:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004539460"},"modified":"2022-12-08T13:00:31","modified_gmt":"2022-12-08T21:00:31","slug":"nyc-market-update-office-investment-activity-remains-depressed","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nyc-market-update-office-investment-activity-remains-depressed\/","title":{"rendered":"NYC Market Update: Office Investment Remains Depressed"},"content":{"rendered":"<p style=\"text-align: left\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004535278\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/new-york-city-market-update-manhattan-development-pipeline-increases-yoy\/market-update\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Market-Update\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg?w=800\" class=\"alignright wp-image-1004535278 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg?w=300\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>In April, there was a single significant office sale across the five boroughs in New York City, in line with the drop in investment activity from the previous month, CommercialEdge data shows.<\/p>\n<p>The Kaufman Org. has expanded its portfolio with the <a href=\"https:\/\/www.commercialsearch.com\/news\/kaufman-org-closes-35m-manhattan-ground-lease\/\">$34.5 million trade of The Haymarket Building<\/a> in Manhattan&#8217;s NoMad neighborhood. The buyer acquired the 86,000-square-foot asset from MFM Properties LLC, under a newly formed 99-year ground lease. Kaufman is a veteran ground lease investor, and these types of contracts have been fairly popular amid a pandemic-induced volatile market sentiment.<\/p>\n<p>In March, Brookfield Asset Management finalized the purchase of a 25 percent stake in Tower 46, a 348,000-square-foot high-rise in the Diamond District, closing on the only notable transaction in the city that month. SL Green Realty Corp. <a href=\"https:\/\/www.commercialsearch.com\/news\/sl-green-strikes-275m-manhattan-office-deal\/\">sold its stake for $275 million<\/a>, or $739 per square foot.<\/p>\n<p>As of April\u2014aside from Brookfield&#8217;s stake purchase\u2014a total of four properties spanning 857,875 square feet changed hands within NYC, the sales amounting to a total of $1.1 billion. In the same period last year\u2014including the city\u2019s full lockdown in March and April\u201424 properties totaling 4.8 million square feet sold at a combined $3.6 billion. The figures reveal a dramatic drop in transaction activity, as sales shrunk to 30 percent of last year&#8217;s volume.<\/p>\n<p>The largest transaction this year remains SL Green Realty Corp.\u2019 <a href=\"https:\/\/www.commercialsearch.com\/news\/new-york-city-market-update-sales-actually-increase-yoy\/\">$809.9 million sale of 410 10th Ave.<\/a> in Chelsea, which officially closed in January. The deal was announced in November 2020, as the parties signed on an initial price of $952.5 million. Amazon anchors the asset, leasing nearly half of the 638,000-square-foot, 20-story tower.<\/p>\n<p><em>CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report\u00a0<a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1195-CommercialEdgeOfficeNationalReport-February2021\">here<\/a>.<\/em><\/p>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Transaction volume in the first four months of 2021 shrunk to less than one-third of last year&#8217;s figure.<\/p>\n","protected":false},"author":739,"featured_media":1004535278,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1600,21742,10,21747],"tags":[51047,50674],"class_list":["post-1004539460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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