2017 Year in Review: Lawrence Sarn, CPEX Real Estate

Name & Title: Lawrence Sarn, Managing Director of Mixed-Use Investment Sales

Company Name: CPEX Real Estate

Address: 81 Willoughby Street, 8th Floor, Brooklyn, NY 11201

What trends will impact your business in 2018?

As has been well documented, investment sales activity in New York City has declined precipitously in 2017. We have found that transactional and dollar volume are down a third compared to last year, and almost half that of 2015. Still, pricing continues to increase on a price per square foot basis–by at least 13% in the Bronx, Brooklyn, Manhattan, and Queens–and city records show building permits also remain on the rise. Despite the slowdown in sales, the combination of ongoing appreciation and a healthy development pipeline –particularly for new mixed-use developments–indicate a strong market going into 2018.