Eastern Consolidated reports Manhattan commercial property sales climb 30% in the second quarter

Eastern Consolidated reports after a relatively quiet first quarter, investors jumped back into the market in the second quarter yielding an increase in commercial property sales volume of more than 30%. The total volume for the quarter, $9.1 billion, fell below the fourth quarter of 2012 which was $14 billion, but it exceeded the quarterly average for the last two years. The prices paid for properties increased dramatically in the quarter, especially for office properties and development sites. Office property sales had the biggest jump in the second quarter. After six quarters of lackluster activity, office building sales volume doubled from $2.6 billion to $5.2 billion in the second quarter. With the closing of the MTA'S Hudson Yards sale to Related Companies, land and development site sales nearly tripled in the quarter, but multifamily sales volume declined as did hotel property sales. Retail property sales volume was unchanged. Daun Paris, president of Eastern Consolidated said, "What is most striking in the current market is the prices that properties are fetching. Investors are competing for prime properties, and prices reflect the extremely high demand."