A giant rezoning of the East Harlem neighborhood in Upper Manhattan will allow new development that will build or preserve nearly 4,000 affordable homes.

February 18, 2020 Comments Off on Northern Manhattan Sales Hit 7-Year Low Views: 500 New York News, Uptown/Bronx New York

Northern Manhattan Sales Hit 7-Year Low

Order Reprints...

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.

Read more at Ariel

Connect With Ariel

Get CRE News in 150 words

For comments, questions or concerns, please contact Paul Bubny

Tags: , , ,

Comments are closed.

Send this to a friend