A venture of a New York investment firm and a U.S. residential developer has agreed to pay $1.75 billion for six Manhattan rental apartment buildings, the highest price tag for a New York multifamily portfolio since the beginning of the pandemic.
The price of condo sales there has been down markedly much of this year compared to the months before the tragedy. Surfside’s average condo sales price in April and May was $1.3 million, or 64% lower than in those months a year earlier.
Existing-home sale prices reached a record median of $407,600 in May, while sales slid for the fourth consecutive month. Mortgage rates have nearly doubled since January.
In 2021, rents for professionally managed apartments rose by almost 12%—more than triple the average recorded in the five years preceding the pandemic.
In 2020 and 2021, office conversions created a total of more than 13,000 apartments nationwide.
The average rate on a 30-year fixed-rate mortgage rose to 5.78%, the highest level since November 2008 and well above the 3.11% recorded near the start of the year.
Retail property transaction volume in the U.S. surged last year to nearly $82 billion, a 24% increase from 2019. The enthusiasm continued in the first quarter of this year, with transaction volume hitting $25 billion by April 30, an 82% increase over the same period in 2021.
The total value of commercial property sales in April was $39.4 billion. That was the lowest amount since February of 2021.
Eight of the 10 major cities with the biggest drop in office occupancy during the pandemic had an average one-way commute of more than 30 minutes. Meanwhile, six of the 10 cities with the smallest drop in office occupancy have average commutes of less than 30 minutes.
