- Avison Young counts $16.2B of NYC investment sales through September, up 13% year over year, on 618 deals, up 17%. Queens volume jumped 173% to $2.34B while Manhattan led at $9.61B.
- Third-quarter volume fell in every major class: office dropped 52% to $1.16B, retail 30%, multifamily and mixed-use 23% and development 66%, though office has topped $1B for five straight quarters.
- Avison Young still expects Manhattan to reach $12.8B for the year, up 6%, as principal Brandon Polakoff cites more investor conviction than a year ago despite rate uncertainty.
NYC investment sales reached $16.2B through September, up 13% from a year earlier, but the third quarter cooled as rate volatility lingered, GlobeSt reports, citing an Avison Young report.
Deal count rose 17% to 618 over the same stretch.
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Where the Money Went
Manhattan led in dollars with $9.61B, followed by Brooklyn at $3.23B.
Queens posted the biggest jump. Its volume nearly tripled, up 173% to $2.34B.
Q3 Pulled Back
Office was still the largest class in the third quarter at $1.16B, but that is down 52% from a year earlier. It does mark a fifth straight quarter above $1B.
Volume fell in the other major classes too. Multifamily and mixed-use slipped 23%, retail 30% and development 66%.
Pricing Split
Per-foot pricing moved in different directions. Development fell 67% to $487 per buildable SF and office slid 14% to $561 per SF.
Retail jumped 38% to $1,707 per SF, and multifamily and mixed-use rose 17% to $804.
The quarter’s biggest trades: $310M for 10 East 53rd Street (office), $100M for 675 Hudson Street (retail), $82.3M for 60 East 12th Street (multifamily and mixed-use) and $73.1M for 309 East 94th Street (development).
Zoom Out
The development drop sits oddly beside a bullish call CRE Daily ran this month. Broker Bob Knakal projects development site sales will rise more than 30% in 2026, based on deals his firm is tracking, including a Chelsea site that drew more than 80 offers.
The two can both hold. Knakal’s number is a full-year projection, while Avison Young compares one quarter with a year earlier.
Why It Matters
The year-to-date totals show a market that kept trading through rate swings. The quarterly numbers show where buyers stepped back, led by office and retail.
Avison Young’s Brandon Polakoff told GlobeSt that deals are getting done across multifamily, office, retail and development, and that he sees more conviction than a year ago.
Leasing still looks firm. CRE Daily’s report on off-market office leases cited Colliers data showing Manhattan Q3 leasing of 10.06M SF and availability of 12.4%.
What’s Next
Avison Young expects Manhattan volume to hit $12.8B for the full year, up 6%, with transactions up 21%. The fourth quarter will show whether rate uncertainty keeps pulling office and retail volume down.
