{"id":1004576845,"date":"2022-04-22T06:18:00","date_gmt":"2022-04-22T14:18:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004576845"},"modified":"2022-12-09T02:38:02","modified_gmt":"2022-12-09T10:38:02","slug":"manhattan-sales-volume-depressed-prices-surge","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/manhattan-sales-volume-depressed-prices-surge\/","title":{"rendered":"Manhattan: Sales Volume Depressed, Prices Surge"},"content":{"rendered":"

\"\"<\/a>Year-to-date through February, office sales in Manhattan amounted to $197 million, according to CommercialEdge<\/strong> data. At the same point last year, deals totaled $1.12 billion, at an average sale price of $1,440 per square foot.<\/p>\n

Office sale prices in Manhattan have gradually risen since 2021, to reach $1,885 year-to-date through February 2022\u2014up nearly 31 percent year-over-year. The borough is by far the most expensive market within the U.S., followed by San Francisco, with an average of $934 per square foot. Other gateway markets with elevated office prices include Seattle ($593), Los Angeles ($420) and Washington, D.C. ($315). The national average price for office sales reached $284 per square foot that month.<\/p>\n

NYC deals in February<\/h2>\n

Only two significant deals closed in February in Manhattan. The largest transaction was SL Green Realty<\/strong>\u2019s sale of 707 11th Ave., a 173,300-square-foot office building within the Times Square-Hell’s Kitchen submarket. Beacon Capital Partners<\/strong> paid $95 million for the 1940s asset, with a $60 million loan from ACORE Capital. SL Green picked up the asset two years prior to its sale, for $90 million.<\/p>\n

Office deals in Brooklyn reached an average price of $571 per square foot in the first two months of 2022 and totaled $200 million in value. The single notable deal in February was the $185.5 million disposition of Nine MetroTech Center by former owner Brookfield Properties<\/strong>. Cleveland-based Boyd Watterson Asset Management<\/strong> purchased 317,000-square-foot, Class A property in Downtown Brooklyn.<\/p>\n

In late February, Monarch Alternative Capital LP<\/strong> made an unsolicited, non-binding proposal<\/a> to buy Paramount Group<\/strong> Inc.\u2019s outstanding common stock in cash, at the price of $12.00 per share. NYC-based Paramount\u2019s strategy focuses on Class A office properties across Manhattan and San Francisco.<\/p>\n

CommercialEdge<\/a>\u00a0covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report\u00a0here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Office sale prices are 30 percent up year-over-year through February, according to CommercialEdge data.<\/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":[21783,1600,21742,10,21747],"tags":[51047,50674],"class_list":["post-1004576845","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":"\nManhattan: Sales Volume Depressed, Prices Surge - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Office sale prices in Manhattan are 30 percent up year-over-year through February, while transaction volume remains low.\" \/>\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\/manhattan-sales-volume-depressed-prices-surge\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manhattan: Sales Volume Depressed, Prices Surge\" \/>\n<meta property=\"og:description\" content=\"Office sale prices in Manhattan are 30 percent up year-over-year through February, while transaction volume remains low.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/manhattan-sales-volume-depressed-prices-surge\/\" \/>\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=\"2022-04-22T14:18:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:38:02+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\/manhattan-sales-volume-depressed-prices-surge\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-sales-volume-depressed-prices-surge\/\",\"name\":\"Manhattan: Sales Volume Depressed, Prices Surge - 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