In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, interviews Ariel’s Manhattan experts Michael Tortorici, Founding Partner; Chris Brodhead, Senior Director, and Howard Raber, Director, about the Manhattan market in 2024.
According to Ariel Property Advisors’ Manhattan 2024 Year-End Commercial Real Estate Trends report, investment sales in Manhattan rose to $15.75 billion across 378 transactions, a 38% and 22% increase, respectively, compared to 2023. The office market rebounded, recording $5.1 billion in sales, a 74% year-over-year increase. Of the 55 office transactions, five were for Class A office buildings with the remainder for Class B and C properties. Multifamily sales rose 11% from 2023 to $3.44 billion in 2024, and transactions increased slightly to 182. Average pricing for multifamily properties dropped to $679/SF in 2024, while average cap rates increased from 5.24% to 6.23%. The report showed the most robust dollar and transaction volume since 2019. Development sales totaled $3.2 billion in 2024, a 121% increase from 2023, and transactions totaled 60, an 82% increase over this period. New City and State housing policies encouraged office to residential conversions, which accounted for approximately $2.3 billion of the development sales in 2024. Tourism surged in New York City in 2024, but Manhattan hotel sales fell 18% year-over-year to $1.47 billion last year. Finally, retail sales jumped 48% to $2.23 billion in 2024, and transaction volume rose 54% to 57 trades.
Popular Podcasts
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.