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Northern Manhattan’s Apt. Market Slips in Q3
Amid a citywide apartment market that performed well during the third quarter, Northern Manhattan struggled, according to Ariel Property Advisors. It was the only submarket to record across-the-board declines in all three volume metrics—number of transactions, number of buildings sold and dollar volume—on both a quarterly and annual basis.
During Q3, Northern Manhattan saw 11 transactions involving 17 buildings for an aggregate value of $119.66 million, representing declines of 21%, 11% and 31% compared to Q2. On a year-over-year basis, transaction, building and dollar volume fell 45%, 35% and 61%, respectively.
The largest transaction in the submarket was the sale of 3440 Broadway for $18.45 million, Ariel reported.
Conversely, the Bronx was the only submarket to see across-the-board increases in these metrics on both a quarterly and annual basis for Q3. In total, the borough saw 32 transactions involving 58 buildings for dollar value totaling $334.38 million.
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- ◦Sale/Acquisition
