New York City's investment sales market set a dollar volume record in the first quarter of 2015 with $20.8 billion sold, reported Cushman & Wakefield, New York.
The figure surpassed the previous record of $20 billion set in first-quarter 2007.
"After an incredible 2014, with more investment properties selling in New York City than ever before, it is remarkable that the market is continuing to roll along," said C&W New York Investment Sales Chairman Bob Knakal.
Knakal said he expects this unprecedented level of activity to continue throughout the year. "New York real estate has become the hard asset of choice for wealthy investors from across the country and around the globe," he said, adding that the city could finish 2015 with $65 billion in investment sales.
Large-ticket sales dominated the headlines, with three sales at more than $1 billion occurring in the first quarter alone compared with four in all of 2014, Knakal said.
These three large transactions--all occurring in Manhattan--meant the borough contributed 81 percent of New York City's total first-quarter dollar volume. On a submarket level, Brooklyn also set a dollar-volume record...