February 18, 2020
Northern Manhattan 2019 investment property sales activity saw light multifamily transaction volume, a relatively steady market for development site sales and, depending on product type, choppy pricing, says Ariel Property Advisors. Barring a single, $1.16-billion multifamily portfolio sale, the submarket’s sales activity represents the lowest dollar volume since 2012 and the fewest transactions since 2010, according to Ariel’s year-end report.
“This decline can largely be attributed to lagging multifamily property sales leading up to and following the passage of the Housing Stability and Protection Act of 2019,” Ariel says. Manhattan north of 96th Street saw 50 multifamily transactions in 2019, representing a 55% year-over-year reduction in multifamily transaction volume.
Looking at all product types, Northern Manhattan saw 86 transactions consisting of 154 properties totaling $2.389 billion in 2019. This represents a 34% annual increase in total dollars, a 42% decline in transaction volume and a 47% decline in property volume.
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