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 Portfoliowas 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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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