In 2025, Manhattan's investment sales market below 96th Street surged 45% to $22.77 billion with 419 transactions. Office sales led with $11.29 billion, driven by high-value deals and recapitalizations. Development site sales reached $3.97 billion, boosted by condo projects and office-to-residential conversions. Multifamily sales remained stable at $3.44 billion, favoring free-market assets. Retail sales totaled $2 billion amid rising rents, while hotel sales hit $1.5 billion with strong occupancy and revenue growth.
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