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Bronx MF Sales Continue Their Winning Streak
The Bronx continued its winning streak for multifamily property investment as the third quarter began, according to Ariel Property Advisors. Conversely, Northern Manhattan faltered in Q3’s early weeks.
A total of nine transactions were completed in the Bronx during July, with 17 buildings trading for a total consideration of $91.95 million. Compared to the average of the previous six months, transaction and dollar volume increased 6% and 8%, respectively, while building volume declined 3%.
The largest deal involved the sale of Emerald Equity Group’s Bronx Multifamily Portfolio for $25.75 million, or $247.72-per-square-foot.
Northern Manhattan recoded the sharpest across-the-board declines of any submarket tracked by Ariel. The one transaction during the month involved one building, which sold for $7.425 million, albeit at $431.56-per-square-foot. As a result, transaction, building and dollar volume decreased by 82%, 89%, and 91%, respectively, compared to the previous six months.
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- ◦Sale/Acquisition
