2019-07-11 — bisnow.com
During the second quarter of 2019, Manhattan recorded $4.8B in sales, 10% below the the average from the previous four quarters. There were 76 sales in the borough, 17% lower than the average volume for the four quarters before.
Though the dollar volume represents a jump from the first quarter of the year, much of the total volume is down to Related's $2.6B office condominium purchase at 30 Hudson Yards.
Without that sale, dollar volume for Q2 would have hit the lowest quarterly level in the past nine years...
Total volume for development sites went down 79% to hit $159M across nine sales.
Players in the real estate industry, many of whom are in a state of shock over the [new tenant-protective and rent regulation] laws, have been sorting through the details of the legislation since it was passed last month. The outlook has remained glum, even with landlord groups planning to try and overturn the laws in federal court, and many brokers fear investors will redirect capital to other parts of the city.
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