The country's hottest real estate market is on pace to cap off 2015 with $70B worth of property sales, placing NYC’s commercial real estate market on track for a record-setting year.
Skyrocketing prices and low interest rates have prompted landlords citywide to cash in, helping to offset an overall drop in the number of transactions. While the overall number of deals will fall short of 2014’s numbers, several large transactions well north of $1B, including Chinese insurance company Angbang’s $2B purchase of the Waldorf Astoria, more than offset the drop in volume.
“Without a doubt we’ll eclipse the all-time-record dollar volume for the market. It’s just a question of by how much,” C&W’s chairman of investment sales Robert Knakal told Crain's.
The figure would beat the city's previous best by 12.5%. That was in 2007, at the height of the market. [Crain’s]
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