Apartment Sales Pause in July
Investors bought and sold far more apartments in July then they did in any of the first four months of the year. But they bought a lot less than they did in late spring and early summer.
“The market was coming off the two strongest months of the year in May and June,” according to a new report from Ariel Property Advisors.
Investors closed 39 apartment deals for a total of 69 buildings and a total of $630.8 million in gross compensation in July. That’s a lot more dealmaking than from January through April, when investors closed an average of 34 deals a month for an average gross consideration of $452.1 million.
The number of deals closed in July was still down 15% compared to June, and the dollar volume of deals was down 33%. The Bronx was the only major submarket where investors traded more in July than in June.
The largest apartment sale of the month took place on Manhattan’s Lower East Side, where a 78-unit elevator building located at 331 E. Houston St. (pictured) sold for $61.5 million, a price that works out to $910 per square foot and $788,462 per unit.
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