When it comes to the New York City investment sales market, the perception is, typically, that Manhattan is king and the outer boroughs are runners-up. However, during the pandemic, this long-standing perception has not been true. My friend, Josh Muss — who constantly reminds me that they are not the “outer boroughs,” they are the “other boroughs” — surely is smiling today given the relative performance of the other boroughs compared with Manhattan.
And, while it is true that average prices per square foot for sales and rents are higher in Manhattan than they are elsewhere, on a relative basis, properties in the other boroughs are performing much better on a relative sense than they are in Manhattan.