New York City’s volume of buildings sold reached $4.8 billion in the second quarter, up 38.9 percent from the first quarter, according to a report shared exclusively with Commercial Observer.
The second quarter brought offices back as the reigning asset class in the city, recording $1.6 billion in deal volume, about 23 times higher than the first quarter, according to the report. That’s good news for Manhattan’s office market — which has been beaten and battered by the pandemic.
Total deal volume for the first half of 2021 reached $8.3 billion, a 34.6 percent decrease from the first half of 2020, which had a strong start at $8.9 billion prior to the pandemic’s hit on the market.
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