More transactions are probably on the horizon, as existing owners who are strapped for cash and struggling with soaring borrowing costs look to offload their buildings at a discount.
With large institutional buyers pulling back on deals, high-net-worth families and little-known developers are bargain-hunting for Manhattan office buildings.
From apartment buildings rising in shopping center parking lots to the redevelopment of dead mall sites as housing, retail-to-residential conversions are an increasing trend.