New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Bronx Leads in Volume Metric Gains for Apartment Sales
Connect Apartments is coming up on June 26th in Los Angeles. Here’s a link to find out more about the conference and register.
Although large-scale trades in Manhattan helped push dollar volume for New York City’s apartment sector to its highest level in over a year, it was The Bronx that recorded March’s highest transaction and building volume of any submarket, according to Ariel Property Advisors. The borough was reportedly the only submarket to register monthly increases in every volume metric.
The 15 transactions in the The Bronx—nearly one-third of the citywide total—saw the sale of 36 properties for a total consideration of $185.71 million. Transaction, building, and dollar volume increased 50%, 38% and 20%, respectively, versus February.
On a year-over-year basis, transaction, building, and dollar volume increased 36%, 200% and 9%, respectively. The $61.53-million sale of the 14-building Emerald Equity Group Portfolio was the biggest trade in The Bronx during March.
For comments, questions or concerns, please contact Paul Bubny
