{"id":1004546260,"date":"2021-08-16T02:49:43","date_gmt":"2021-08-16T10:49:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004546260"},"modified":"2022-12-08T15:23:09","modified_gmt":"2022-12-08T23:23:09","slug":"nyc-market-update-manhattan-office-sales-prices-inflate","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nyc-market-update-manhattan-office-sales-prices-inflate\/","title":{"rendered":"NYC Market Update: Manhattan Office Sales Prices Inflate"},"content":{"rendered":"<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004545005\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-slow-and-steady-development-progress\/market-update-resized\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" data-orig-size=\"1200,930\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Patricia Todoran&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1497549143&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;1&quot;}\" data-image-title=\"Market-Update-resized\" data-image-description=\"&lt;p&gt;Office Sales Update Q2&lt;\/p&gt;\n\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?w=1024\" class=\"alignright wp-image-1004545005 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?w=300\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=768,595 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=1024,794 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>In June, nearly 474,000 square feet of office space changed hands in Manhattan at a combined price of $649 million, according to CommercialEdge data.<\/p>\n<p>On a year-to-date basis through June, Manhattan\u2019s total transaction volume reached $2.11 billion, representing a 38.6 percent decrease compared to the first six months of 2020. Even though transactions activity has scaled down, prices are up: the average price per square foot in 2021 so far hit $1,249. The figure indicates a 61 percent uptick from last year\u2019s $776 per square foot.<\/p>\n<p>The borough\u2019s largest deal in June was <a href=\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-manhattan-office-property-for-325m\/\">SL Green Realty Corp.\u2019s sale of 635-641 Sixth Ave.<\/a>, a pair of adjoining towers in Midtown South\u2019s Chelsea neighborhood. California-based Spear Street Capital picked up the 267,000-square-foot asset for $325 million, or $1,217.2 per square foot, close to Manhattan\u2019s average for the first half of the year.<\/p>\n<p>In a <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-nyc-office-building-sales-june-2021\/\">separate portfolio transaction<\/a>, Northwood Investors purchased two adjacent buildings in SoHo from Tahl Propp Equities. The $323.5 million deal included 524 and 520 Broadway, comprising 144,000 square feet and 66,000 square feet, respectively. Both properties date back to the beginning of the 20th century.<\/p>\n<p>June brought the first significant transaction of 2021 to Brooklyn: the $53.8 million sale of Sheepshead Bay Medical Office Tower. Seavest Healthcare Properties picked up the Class B asset at 902 Quentin Road from Marx Development Group. The 71,516-square-foot property changed hands at $751.6 per square foot. At the time of the closing, the eight-story building was 100 percent leased and anchored by NYU Langone Health and Touro College of Health Sciences.<\/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.commercialedge.com\/blog\/national-office-report-2021-july\/\">here<\/a>.\u00a0We included properties of 25,000+ square feet in our research.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the first half of 2021, the average sales price per square foot in Manhattan was up 61 percent year-over-year.<\/p>\n","protected":false},"author":739,"featured_media":1004545005,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1600,21742,10,21747],"tags":[51047,50674],"class_list":["post-1004546260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","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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