Manhattan property sales hit five-year high in Q1

Manhattan’s commercial property market is so back…at least so it seems. In the first quarter, there were 92 transactions in the borough — encompassing multifamily, office, retail, development and conversions — totaling $3.7 billion traded, according to the Commercial Observer, via an Avison Young report. That represented a 37 percent increase from last year’s $2.7 billion first quarter dollar total and top quarterly mark since 2021. The multifamily market exploded to $1.07 billion in deals in the first quarter, up 141 percent year-over-year. The sector made up nearly half of the deals tracked by Avison Young; if the market keeps […] This article originally appeared on The Real Deal. Click here to read the full story.