Tag Archives: Commercial

NYC Commercial real estate prices remain strong

According to the latest study from Ariel Property Advisors, the dollar volume of commercial real estate deals is up about 28% year to date over the same period in 2017. Additionally, 4 of the 5 boroughs are showing price increases in multi-family. Manhattan was up 16% price per unit versus last year. Only Brooklyn’s price per unit decreased.

This is consistent with what I am seeing which is continued foot traffic at my exclusives which include a 12 unit near Madison avenue in Central Harlem for $5.7 million and a 4500 sqft SRO in Mount Morris. Additionally, there is plenty of interest in 20-40 unit buildings Uptown with little inventory.

Commercial Observer coverage

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

Chinese buyers picking up trophy assets

Chinese insurers are picking up and looking to purchase prime office buildings in Europe and also aggressively in Manhattan. With bond yields so low, Chinese insurers who are flush with cash are moving their funds into prime Manhattan properties.

Anbang Insurance closed the deal for New York’s Waldorf Astoria Hotel for $1.95 billion in October, a value of $1.38 million per room. They were able to move quickly after only a month of talks. As a result of this demand and swift action, values are on the rise.