PRESS RELEASE

August 4, 2015

CUSHMAN & WAKEFIELD RELEASES SECOND

QUARTER 2015 PROPERTY SALES REPORTS FOR
NEW YORK CITY
Dollar Volume on Pace to Surpass Previous High in 2007
NEW YORK - Cushman & Wakefield is pleased to announce the release of their exclusive second quarter 2015 Property
Sales Reports. These unique, industry-leading reports provide a comprehensive study of the investment sales market by
product type in the New York City area (Manhattan, Northern Manhattan/Bronx, Brooklyn, and Queens).
In the first half of 2015, the New York City investment sales market continued to roll along as it is on pace for an all-time
record in dollar volume of sales and values are at all-time highs for every property type in every neighborhood, stated Bob
Knakal, Chairman, New York Investment Sales.
During the first half of the year, activity in New York Citys investment sales market has remained brisk on the momentum
carried over from 2014 and the first quarter of this year. In the second quarter, dollar volume totaled $16.8 billion, the
fourth-highest quarterly total on record. On an annualized basis, dollar volume is expected to reach $75.6 billion, which
would surpass 2007s all-time high by 22%, though we expect final year-end figures to come in closer to $65 billion.
Manhattan led the way during 2Q15, with $12.8 billion in total sales, pushing the boroughs average price per property up
29% from 2014s average, to $53.5 million. Brooklyn has seen a healthy uptick as well, posting $4.5 billion in sales during the
first half of the year, exceeding the previous record for any six month period by more than one billion dollars.

The first half of 2015 will go down as one of the best six month periods in the citys history. All submarkets and property
types are firing on all cylinders with market activity outpacing our year end forecasts, said Adrian Mercado, Managing
Director, Research.
Property sales totals are, as expected, on the decline from 2014s unparalleled velocity, but remain healthy overall, signifying
sustained investment demand. On an annualized basis, 2015 is on pace to finish with approximately 5,200 buildings sold,
second only to last years all-time record. During the second quarter of this year, Manhattan sales decreased by 26% from
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previous quarter,
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has seen its heightened activity
Cushman & Wakefield advises and represents clients on all aspects of property occupancy and
continue,
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Justina Lombardo, PR Manager
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Tel: (212) 696.2500

all property types, including leasing, sales and acquisitions, equity, debt and structured finance,
corporate finance and investment banking, appraisal, consulting, corporate services, and property,
facilities, project and risk management.

justina.lombardo@cushwake.com

PRESS RELEASE
The highlights from each report include the following:
Manhattan (south of 96th Street on the east side and south of 110th Street on the west side)

In 2Q15, 235 properties sold, down 26% from 1Q15. During 1H15, turnover has been on pace for 4.0%, 54%

higher than the long-term average and the highest figure since 2012

Aggregate sales consideration in 2Q15 was $12.8B, down 24% from 1Q15 and the second-highest quarterly total

since 4Q12

Property values remained flat in 2Q15, averaging $1,357 per square foot, and cap rates in 1H15 compressed a

further 24 bps from 2014, to 3.7%
Brooklyn

In 2Q15, 516 properties sold, a decrease of 6% from 1Q15

Aggregate sales consideration in 2Q15 was $2.0B, a 24% decrease from 1Q15 and the second-highest quarterly

total since 4Q12

Cap rates compressed a further 67 bps from 2014, to 4.9%
Queens

In 2Q15, 230 properties sold, down 7% from 1Q15

The aggregate sales consideration in 2Q15 was $835M, an increase of 8% from 1Q15

Cap rates compressed a further 85 bps from 2014, to 5.3%
Northern Manhattan (north of 96th Street on the east side and north of 110th Street on the west side)

In 2Q15, 90 properties sold, up from 71 properties sold in 1Q15

Aggregate sales consideration in 2Q15 was $560M, an increase of 47% from 1Q15 and the second-highest

quarterly total since 3Q13

Cap rates compressed a further 56 bps from 2014, to 4.5%
The Bronx

In 2Q15, 161 properties sold in the Bronx, down 5% from 1Q15

Aggregate sales consideration in 2Q15 was $635M, an increase of 31% from 1Q15

Cap rates compressed a further 121 bps from 2014, to 5.8%

To obtain a copy of these reports, please contact Adrian Mercado at adrian.mercado@cushwake.com

About Cushman & Wakefield

Cushman & Wakefield advises and represents clients on all aspects of property occupancy and
investment. Founded in 1917, it has 259 offices in 60 countries, employing more than 16,000
professionals. It offers a complete range of services to its occupier and investor clients for
all property types, including leasing, sales and acquisitions, equity, debt and structured finance,
corporate finance and investment banking, appraisal, consulting, corporate services, and property,
facilities, project and risk management.

Contact

Justina Lombardo, PR Manager

Tel: (212) 696.2500
justina.lombardo@cushwake.com