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Central Harlem, Multifamily Lead Sales in Northern Manhattan
Northern Manhattan saw 121 investment sales transactions consisting of 155 properties in the first half of 2018, totaling approximately $885.6 million, according to Ariel Property Advisors.
Compared with 2H17, dollar volume fell 27%, while transaction volume and property volume slipped 1% and 4%, respectively. However, compared to the first six months of 2017, dollar volume jumped 25%, transaction volume fell 10% and property volume crept up by 3%.
Drilling down, Ariel said nearly all asset classes performed better in terms of dollar volume and transaction volume except for user properties, a significant driver of the decline in Northern Manhattan’s transaction volume. The slowdown in the first half can also be attributed to an overall cooling off in the aftermath of a particularly active 2H17.
Central Harlem was the geographic epicenter of deal volume, representing more than 25% of the total. Multifamily represented the biggest sector by market share at 62%.
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- ◦Sale/Acquisition
- ◦Sale/Acquisition
