Despite the fact that the largest commercial real estate deals in New York typically happen in the Big Apple, other parts of the state are not so far behind.
During the months of January and February, the commercial real estate market heated up. The first two months of the year saw approximately $120 million in transactions throughout Erie County. This is big news for the area, being that the first two months of the year are typically the slowest due to the nasty weather. If the local market is able to keep up this pace, it would easily roll past the half billion dollar mark by the end of 2014.
To go along with the large number of transactions, it is important to pay attention to the fact that some of the sales are high priced. For example, a pair of retail shopping centers sold for $22.1 million. Along with this, Windsong Medical Park changed hands for $16.25 million.
A closer look at Erie County Clerk records shows that deals of at least $250,000 or more were common during the two-month period. The total for more than 45 transactions of this amount is $117.9 million.
With 23 transactions of more than $1 million, it is easy to see that the commercial real estate market in Western New York is just as hot as it is New York City. With many months to go before the end of the year and temperatures heating up, a new sales record could be established in this part of the state.
Source: The Buffalo News, "Commercial real estate deals soar early this year" Jonathan D. Epstein, Apr. 06, 2014