Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Monday, 27 July 2020

New York City Apartment Property Sales Decline by 69 Percent in 2Q

The volume of apartment sales in New York City totaled $628.5 million during the second quarter, down 69 percent from the same period a year ago, according to Ariel Property Advisors. That was the third-lowest quarterly volume since 2010. In terms of deal volume, the 39 that took place during the latest period is the lowest recorded by the New York brokerage.

Commercial Real Estate Direct Staff Report

The volume of apartment sales in New York City totaled $628.5 million during the second quarter, down 69 percent from the same period a year ago, according to Ariel Property Advisors.

That was the third-lowest quarterly volume since the New York investment-sales and research firm began tracking data in 2010. During the third quarter of 2010, only $381.6 million of deals took place and in the first quarter of 2011, $541.2 million did.

But in terms of number of transactions, the 39 that took place during the latest period is the lowest.

Most of the deals that did close during the latest quarter had been negotiated and were placed under contract well before efforts to stem the coronavirus pandemic were instituted, according to Shimon Shkury, founder and president of Ariel. He added that a number of deals that were slated to close fell apart, but might still be completed in the coming months.

"We always have a lag when it comes to closings," Shkury said. "So I think you'll see more of these closings happen during the third quarter." Still, he said volumes in the current quarter will remain extremely low.

The largest deal...





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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

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