A Look Back: NYC Deals by Borough
A month-by-month look at commercial real estate sales in the five boroughs during 2019
No big surprise here: Manhattan was the 800-pound gorilla of New York City’s commercial real estate scene in 2019.
The borough — which saw trades ranging from the Chrysler Building’s $150 million sale in March to Google’s purchase of the Milk Building for $592 million in May — accounted for nearly $25 billion in property trades from January through November, according to data from Real Capital Analytics (RCA).
Here’s a month-by-month look at commercial real estate sales volume in New York City’s five boroughs in 2019. The data, provided by RCA, runs from January through November and includes everything from apartment to office and industrial deals.
Sales in Manhattan accelerated into the second quarter, before slumping in the summer due to a mix of seasonality and the impact of the rent reforms passed in June. But dealmaking bounced back, with sales in the borough reaching a peak of $4.5 billion in the month of October.
Brooklyn trailed Manhattan with a total of $4.3 billion in sales from January through November, with sales crossing the half-billion mark in both February and September. The borough was followed by Queens with $3.1 billion, the Bronx with $1.8 billion, and Staten Island with a paltry $33 million of deals over the same time period.
The Bronx might just be the year’s breakout star, with an investment boom driven by e-commerce firms looking for last-mile distribution space, along with a renewed focus on apartment and office transactions.