'I Don't Have Another Cycle In Me': Long-Term NYC Owners Are Opting To Sell
In this series, Make Yourself At Home, we are hearing from members of the commercial real estate industry about how they are managing this new reality and gaining insight into their day-to-day approaches. You can subscribe on iTunes, Spotify and Amazon Music.
In this week's episode, Avison Young Tri-State Investment Sales Group Head James Nelson discusses the strained investment sales market in New York City. There were just 21 sales in the third quarter in Manhattan, and the city is on track to do 50% less in sales volume than it did last year.
There is activity, James says, and his team recently picked up 20 new listings.
“Half of those owners are clients that have owned their properties for more than 20 years, and this is a phenomenon that I did not see back in the last correction — where long-term owners were saying, ‘you know what, I’ve seen enough, I’m outta here,” he said on the podcast.
“I think we can all agree this is not going to fix itself overnight, and a lot of our clients are saying, ‘I don’t have another cycle in me.’”