February 8, 2019
Manhattan’s multifamily investment sales market has started 2019 in a positive position, says Compass’ Adelaide Polsinelli. Market reports, including Compass’ for the fourth quarter, point to a recovery in the sector.
Q4 2018 transaction volume was up by 35% to 42, compared to the third quarter’s 31, according to Compass. Although dollar volume dropped by 32% to $818 million, compared to $1.2 billion in Q3, the numbers bode well.
“It’s early days, but the numbers seem to indicate pricing may have reached its floor as the number of closed sales indicates an uptick in investor interest following several quarters of inflated pricing,’ Polsinelli said. “I believe we may look back on 2018 as the year the market corrected itself.”
Northern Manhattan dominated Q4 in terms of dollar volume, driven by large sales such as A&E Real Estate Holdings’ $220-million purchase of the Glenn Gardens residential complex at 175 W. 87th St.
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