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New York’s real estate market beats to an entirely different rhythm to any other in the world. Here, we have everything; fast-paced transactions with property which changes hands rapidly sitting next to ancient buildings which have been held by the same families for generations.
The recent sale of the a family’s Greenwich Village portfolio perfectly represents the antique side of New York – the low-velocity, long cycle of property which rarely changes hands and are often the architectural and cultural heritage of the city.
There are any number of reasons to separate from a real estate partnership. One partner may need to free the capital for other purposes – such as retirement or education funding.
The investment’s performance may not be living up to expectations. The property owned by the partnership may require more upkeep, maintenance, or repair than anticipated, or management responsibilities may be proving burdensome.
With sales numbers in for the first three quarters of 2017, it has given us an opportunity to look back over the year to make and share some insights into the market.
Overall, across all of New York City, 2017 sales volume is down approximately 40%.