The first quarter of 2018 saw the highest dollar volume in sales since 2016. More than $12.4 billion was traded, significantly better than the 2017 quarterly average of $9 billion. $8.9 billion of those sales occurred in Manhattan.
Approximately $5 billion, or 56%, of Manhattan’s sales volume came from deals made in the office sector, the largest of which was Google’s $2.4 billion purchase of Chelsea Market. Meanwhile, multifamily and retail sales showed signs of improvement from the average from 2017.
Though this is all good news, there is no evidence to suggest that it will become a trend. The number of properties traded last quarter, 832, was the lowest in five years, and represents a 9.1% decline from the average quarter in 2017. It is almost 40 percent lower than the 2014 quarterly average.
The Commercial Observer has more.
Lawmakers in Western Queens are enraged that Mayor Bill de Blasio, Amtrak, and the Economic Development Corporation announced their plan to create a plan to develop Sunnyside Yards on the condition that the plan is deemed good by the community and elected officials. These elected officials are also upset that they did not have a hand in selecting the Steering Committee that will include 28 community members and spend 18 months asking the community what it wants out of the development.
“Sunnyside, Long Island City, and Astoria are already underserved by transit and this proposal does nothing to assure me that transit infrastructure is being taken into consideration here,” City Councilmember Jimmy Van Bramer (D-Dist. 26) said of the plan that can’t include any transit infrastructure because it doesn’t exist yet. “Once again, this administration is imposing their vision for this community on us and it is not our vision,” he continued, evidently forgetting that there is a Steering Committee made up of 28 community members.
Us. Representative Joseph Crowley (D-Jackson Heights) echoed this sentiment of being outraged by a project that will eventually be proposed once a Steering Committee has heard from the community and made recommendations to developers. “Many of my constituents’ concerns about the impact this development would have on their lives and communities have not been heard or addressed,” he said.
The Times Ledger has more.
In a Landlords New York Minute – A (Very) Brief Look Around the World
Syrian President Bashar al Assad described the fighting in his country as akin to a “world war,” Malaysian Prime Minister Mahathir Mohamad has pardoned former Prime Minister Anwar Ibrahim, and a coalition government between a hard-right party and an anti-establishment party may come to power in Italy. Greenberg Traurig has separated with former New York City Mayor Rudy Giuliani after Mr. Giuliani suggested that attorneys regularly facilitate hush money agreements to silence people who could potentially say damaging things about their clients, AT&T and Novartis have admitted they made a “big mistake” when they hired Michael Cohen to gain insights into the inner workings of the Trump White House, cybercriminals are abandoning ransomware like WannaCry for viruses that syphon little bits of computing power that are then used in cryptomining operations, and solar manufacturing is ramping up in the United States. Rising inflation rates are absorbing all of the gains that workers received from the Republican tax bill that was passed last year, restaurants are giving diners option paralysis, people don’t like panopticons, New Yorkers are beginning to reduce the number of straws they use, Newton Creek is apparently more disgusting than the Gowanus Canal, and small business owners on Atlantic Avenue do not want to be included in the expansion of the Boerum Hill Historic District.
Roman buses keep bursting into flames, New Yorkers are being asked to be on the alert for spotted lanternflies, Spanish bats keep getting mauled by parakeets, an Iowa man was shot by his dog, and a southern hemispheric record 78-foot wave slammed into an uninhabited island south of New Zealand that is home to the world’s most remote tree. Shark blood may contain the cure for cancer, we may soon have a hangover cure, and an Arizona woman sent a man 65,000 texts after a single date. "Love is an excessive thing," she told reporters.