With the Federal Reserve moving to cut interest rates, investors considering deals in New York City should keep a close watch on a handful of trends that make this market unique, said Teddy Galligan, JLL vice president of private capital markets.

Plenty of buyers are still waiting on the sidelines, Galligan said. Early movers stepping back in are focused on value-add multifamily with a concentration in free-market units. On the commercial front, investors are targeting office properties with the potential to be upgraded to Class-A standards or to residential use, while capital-rich end users are purchasing office and retail properties.

Bisnow spoke with Galligan and Andrew Lim, JLL director of research and, like Galligan, a specialist in the New York City market, about what they are seeing and what to do with the remaining time in a slow market with lower transaction volumes.