Top Billion-dollar Plus Real Estate Deals of 2006; 6 in NYC

2006, the year of housing slump, is also the record-breaking year for commercial property deals. Half of the biggest U.S. single-asset real estate deals in history were announced or closed in the past 12 months, with the top 8 deals topping $1 billion each.  Six of the eight billion-dollar deals were in New York city.

Top $1B Plus Real Estate Deals of 2006 (See the top 10 slideshow at BusinessWeek Online):

Top U.S. Real Estate Deals in 2006

  Property Value ($B) Area City
1 Stuyvesant Town & Peter Cooper Village $5.4 billion 80 acres New York 
2 666 Fifth Ave. $1.8 billion 1.5M sq. ft. New York 
3 Mall of America $1.8 billion 4.2M sq. ft. Minneapolis
4 1211 Sixth Ave $1.52 billion 1.9M sq. ft. New York 
5 Five Times Square $1.28 billion 1.1M sq. ft. New York 
6 AXA Financial Center $1.25 billion 1.97M sq. ft. New York 
7 280 Park Ave. $1.2 billion 1.18M sq. ft. New York 
8 Bank of America Center $1.05 billion 1.8M sq. ft. San Francisco

Residential home sales are down 11.5% this year from last year, but more than $236 billion of commercial real estate deals were recorded during the first 10 months of 2006, vs. $231.9 billion a year earlier, according to the National Association of Realtors. Office properties  represented $105 billion in transaction volume in the first 11 months of 2006, a 31% increase over the same period in 2005.

  • Returns on real estate investment trusts (REITs) are up more than 32% year-to-date, vs. a 15.75% increase in the S&P 500 Index. 
  • In the past five years, REITs rose at a compound annual rate of 23.5%.

 

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