July 15, 2020
Northern Manhattan saw 37 sales transactions in the first half of 2020 consisting of 68 properties totaling $385.71 million. Year-over-year, this represents declines of 14% in transaction volume, 1% in property volume and 42% in dollar volume, says Ariel Property Advisors.
“The dollar and transaction volume seen so far this year is comparable to what the market saw during the depths of the Great Recession from the second half of 2008 through 2010,” the firm says in its report.
Within multifamily, Northern Manhattan started the year at a relatively slow pace “as values continued to adjust from the 2019 rent regulations and as investors braced for the potential of further rent reforms in 2020.
“COVID-19 swept aside the possibility of further rent reform this year as the government devoted its full attention to managing the virus’s impact,” says Ariel. The Y-O-Y declines for multifamily were comparable to the broader market.
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