August 2, 2019
Northern Manhattan’s investment property market was steady for development sites and commercial buildings in the first half of 2019. However, anticipation of recently enacted rent regulations led to fewer multifamily property transactions, says Ariel Property Advisors in a midyear report.
Compared to 2018’s first half, transaction, building and dollar volume fell 57%, 48%, and 21%, respectively, according to Ariel. Without the $212.5-million sale of Chetrit Group’s student housing building at 1760 Third Ave., the decline in dollar volume would have been close to 47% year-over-year.
“Multifamily sales may show a slight uptick in the coming months, but overall activity will remain low while the market comes to terms with the vast implications of this new legislation,” said Michael A. Tortorici, EVP at Ariel. “New court challenges that will probably take years to unfold may also generate uncertainty that keeps overall transaction volume low in the near term.”
Connect Texas Multifamily will take place August 15, 2019 in Dallas. For more information, or to register, click here.
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