Foreign investment in New York City commercial real estate remained robust in 2018, increasing to $8.3 billion in 2018, which corresponds to the overall uptick in investment sales citywide to $45 billion, according to James Nelson, Principal and Head of Avison Young’s Tri-State Investment Sales group. Nelson said his team’s 2018 Foreign Investment Report shows that Canada led the way in foreign investments in New York City with $3.2 billion or 41 percent of the total dollar volume, Germany was a distant second with $1.2 billion or 16 percent of the total, and the Netherlands recorded $905 million or 12 percent of the total, according to the report, which analyzes data from Real Capital Analytics.
“The center of foreign investment in New York City has shifted from China to Canada and Europe,” Nelson said. ”
In light of this, Avison Young is well positioned to serve as an advisor to international investors. Our headquarters is located in Canada and we recently acquired GVA, a leading U.K. real estate advisory business, which added offices in over 30 European cities and a broad portfolio of international clients.”
“We expect to see more interest in office properties for 2019 as proposed regulations for multi-family will deter foreign investment, even if they have a strong local partner,” Nelson noted. Nelson said that Avison Young’s Tri-State Investment Sales group is well-suited to offer foreign investors the best inventory in New York City. In the last 12 months, the Tri-State Investment Sales group has closed or put into contract properties valued at over $750 million.
In the last 12 months, the Tri-State Investment Sales group has closed or put into contract properties valued at over $750 million. The group is currently marketing the LES portfolio for $66,000,000, 332 West 11th Street for $49.95 million, 324-326 Grand Street for $33 million, 306 West 142nd Street and 531 West 159th Street for $44,600,000, and an Opportunity Zone property at 148-150 Attorney Street for $12 million.