July 24, 2020
Northern Manhattan withstood a steep drop in multifamily sales during the second quarter, with dollar volume down 78% from Q1, according to Ariel Property Advisors. Among areas of the city tracked by Ariel, only Queens fared worse with an 80% quarterly drop.
With one exception, every sale in Northern Manhattan was under $15 million year-to-date. The outlier was the Irgang Group Portfolio, which sold for $74 million in Q1 2020. With the Irgang portfolio taken out of the equation, the quarterly decline in dollar volume becomes a less-precipitous 49%.
Q2’s largest sale in Northern Manhattan was the 107-unit Central Harlem LIHTC portfolio, which Prana Associates purchased from Goldmont Realty Corporation. Prana paid $13,750,000 for the portfolio, or $128,505 per unit.
Looking ahead, Ariel says, “the future of the NYC multifamily market is uncertain. Concerns of a second COVID-19 wave and the potential of a financial crisis loom over investors’ heads.”
For comments, questions or concerns, please contact Paul Bubny