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3/4/2024: Episode 89 - Manhattan 2023 Year-End Commercial Real Estate Trends featuring Michael A. Tortorici and Howard Raber
Manage episode 404665065 series 3261626
Вміст надано Ariel Property Advisors. Весь вміст подкастів, включаючи епізоди, графіку та описи подкастів, завантажується та надається безпосередньо компанією Ariel Property Advisors або його партнером по платформі подкастів. Якщо ви вважаєте, що хтось використовує ваш захищений авторським правом твір без вашого дозволу, ви можете виконати процедуру, описану тут https://uk.player.fm/legal.
Manhattan saw $11.1 billion in investment property sales in 2023, a 45% drop from 2022, and 280 transactions, a 33% year-over-year decline, according to Ariel Property Advisors’ Manhattan 2023 Year-End Commercial Real Estate Trends report.
In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, and his guests Founding Partner Mike Tortorici and Director Howard, discuss the report’s findings and dig deeper into Manhattan’s multifamily, development and office markets. Average multifamily cap rates, for example, rose to 5.24% in 2023, while the average price per buildable square foot for development sites declined to $390. They also shared their optimism going into 2024 because of the strong fundamentals in the Manhattan market as indicated by the 50,000 BSF development site sale that Ariel recently arranged at 250 West 30th Street in Chelsea for $15,875,000.
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