Shimon Shkury, President and Founder of Ariel Property Advisors; Michael A. Tortorici, Founding Partner; Christoffer Brodhead, Senior Director; and Howard Raber, Director, take a deep dive into Manhattan’s investment sales market on this episode of Coffee & Cap Rates. They discussed trends in Ariel Property Advisors’ Manhattan 2025 Year-End Commercial Real Estate Trends report and what to expect in 2026.

Highlights from the podcast include:

• Manhattan’s transactional dollar volume reached $22.77 billion in 2025, signaling strong investor confidence and positive growth trends across development, multifamily and office sectors.
• Driven by limited inventory and a high-performing condo market, development site sales totaled nearly $4 billion with pricing jumping 11% to $468 per buildable square foot—the highest level recorded since 2021.
• Accounting for 50% of Manhattan’s total dollar volume ($11.3 billion), the office market was fueled by high-value Class A transactions and a growing trend of Class B and C assets being repositioned for residential or boutique office use.
• Investors showed a clear preference for free market multifamily properties, which represented 84% of total multifamily dollar volume, as investors looked to capitalize on free market assets currently trading 18% below their 2017 peaks.