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Bronx Apartment Sales Power Up in Q1
The multifamily sales numbers posted for Manhattan and Brooklyn led the rankings in Ariel Property Advisors’ first-quarter roundup, and Northern Manhattan compensated for tepid quarterly results by being the only market with triple-digit year-over-year increases. However, The Bronx was no slouch in this department.
Ariel’s Q1 report showed 31 transactions in the borough, representing the sales of 67 buildings totaling $360 million. These reflected quarterly increases of 19%, 86% and 25%, respectively.
On a Y-O-Y basis, transaction volume was flat, but building and dollar volume rose 49% and 11%, respectively. The $71-million sale of the Related Companies’ Bronx Portfolio was the largest transaction of any sub-market outside Manhattan.
Speaking on citywide trends, Ariel president Shimon Shkury noted that larger transactions, absent in 2017, emerged once again in Q1, “while the pricing gap between buyers and sellers narrowed. However, well-positioned quality multifamily properties are still in high demand.”
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