Brokers are sounding a cautious note in the investment sales world. In 2015, citywide sales volume hit a record $74.5 billion, but the general sentiment is that figure will not be bested this year. In fact, despite that high-water mark, the fourth quarter saw a steep decline in closed office building trades, typically the main driver of Manhattan investment transactions.
And residential development site sales — generally seen as a canary in the coal mine of the NYC market — were slowing, said Adam Hess, a partner at the Brooklyn-based brokerage TerraCRG. “It’s coming more into focus that the peek was in the middle of last year,” said Hess.
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