{"id":1004567281,"date":"2022-02-16T05:34:25","date_gmt":"2022-02-16T13:34:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004567281"},"modified":"2022-12-08T22:16:36","modified_gmt":"2022-12-09T06:16:36","slug":"nyc-market-update-prices-surged-in-2021","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nyc-market-update-prices-surged-in-2021\/","title":{"rendered":"NYC Market Update: Prices Surged in 2021"},"content":{"rendered":"

\"\"<\/a>In 2021, office sales in Manhattan totaled $6.95 billion, according to CommercialEdge data. Transaction volume was up nearly 32 percent since the end of 2020, when it reached $5.26 billion, but was still behind pre-pandemic levels\u2014in 2019, deals reached a combined $9.9 billion.<\/p>\n

Since the onset of the global health crisis, the annual average price per square foot increased significantly, from $845 per square foot in 2020 to $1,253 per square foot in 2021. Among gateway cities, Manhattan registered the biggest price jump, compared to 2020 levels.<\/p>\n

In Brooklyn, office transaction volume last year added up to $189 million, a large decrease from 2020\u2019s $445 million. Deals averaged $661 per square foot, up from $399 per square foot during the previous year. The borough\u2019s most significant sale was Brookfield Properties<\/strong>\u2019 disposition of Twelve MetroTech Center, a 30-story condominium office property in downtown Brooklyn. A partnership of 60 Guilders<\/strong> and a hedge fund paid $128 million for the Class A asset.<\/p>\n

Largest Manhattan deals<\/h2>\n

As late as September, office transaction volume was down to one-third of 2019\u2019s volume and half of 2020 levels. However, a single deal that closed in late December was a game-changer for the year\u2019s final total.<\/p>\n

CommonWealth Partners<\/strong> closed the biggest buy of 2021<\/a> with the purchase of Hudson Commons, a 25-story tower at the intersection of Hudson Yards and Manhattan West. Former owners Cove Property Group<\/strong> and The Baupost Group<\/strong> pocketed $1.03 billion for the property, acquired by the duo in 2016 for $330 million.<\/p>\n

Back in August, the sale of the CBS Building<\/strong><\/a> also made a splash, animating a market that has been struggling with pandemic-induced headwinds. Harbor Group International<\/strong> struck a deal with ViacomCBS <\/strong>for the purchase of 51 West 52nd St., marking the first-ever sale of the iconic Plaza District tower nicknamed Black Rock. The 817,095-square-foot building changed hands for $760 million.<\/p>\n

In a notable February 2021 transaction, a fund managed by Brookfield Asset Management<\/strong> agreed to purchase a stake in SL Green Realty Corp.<\/strong>\u2019s Tower 46. The buyer picked up a 25 percent interest<\/a> in the asset, consisting of the commercial condominium portion of the Diamond District property.<\/p>\n

CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report\u00a0here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Manhattan’s office transaction volume expanded in 2021, with a final push from a late deal that exceeded $1 billion. <\/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":[21783,1600,10,21747],"tags":[51047,50674],"class_list":["post-1004567281","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-new-york","category-northeast","category-office","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"\nNYC Market Update: Prices Surged in 2021 - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Manhattan's office transaction volume expanded in 2021, with a late push from a large deal that exceeded $1 billion.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/nyc-market-update-prices-surged-in-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NYC Market Update: Prices Surged in 2021\" \/>\n<meta property=\"og:description\" content=\"Manhattan's office transaction volume expanded in 2021, with a late push from a large deal that exceeded $1 billion.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nyc-market-update-prices-surged-in-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-16T13:34:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T06:16:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"930\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Beata Lorincz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nyc-market-update-prices-surged-in-2021\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/nyc-market-update-prices-surged-in-2021\/\",\"name\":\"NYC Market Update: Prices Surged in 2021 - 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