Dollar Volume of Manhattan Investment Sales Rose in 2022
The total dollar volume of investment sales in Manhattan reached nearly $21 billion in 2022, representing a 40% year-over-year increase despite a slowdown in activity during the second half of the year. Large multifamily assets led the way, dollar volume more than double the 2021 total, followed by development site sales which nearly doubled, while commercial property dollar volume increased 63% year-over-year. In contrast, dollar volume in the industrial sector fell 97% during the same period, mainly due to the $3 billion sale of Edison Properties’ Manhattan Mini Storage portfolio skewing 2021 dollar volume. Office property sales saw a 53% year-over-year increase, accounting for the two biggest investment sales transactions of the year — Google parent company Alphabet’s purchase of 550 Washington Street and SL Green Realty’s takeover of HNA Group’s 245 Park Avenue, fetching nearly $2 billion and about $1.8 billion respectively; and the $930 million purchase of 8 Spruce Street by Blackstone claimed the title of the biggest multifamily deal.