February 11, 2019
Northern Manhattan investment sales saw both increases and a year-over-year decrease in 2018, according to Ariel Property Advisors data. Although transaction volume was off 14% for the year to 223 deals, a seven-year low, dollar volume and the number of buildings that traded were up 8% and 21%, respectively.
“All pricing metrics remained relatively stable to levels seen in 2017, with slight declines from 2016,” said Victor Sozio, Ariel EVP. “While lower transaction volume suggests buyers are becoming more selective in their purchases, Northern Manhattan remains a lucrative destination for investors looking at emerging markets in New York City.”
The market faces potential headwinds in 2019, such as the expiration of New York’s current rent regulation laws in June. However, recent rezonings in Inwood and East Harlem are poised to yield major transactions, and investor interest remains strong in developing workforce and “affordable luxury” housing.
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