Investors Pay $2B for NYC Apartments in Q3
Investors spent $2.2 billion to buy New York City apartment properties in the third quarter — the biggest volume of investment so far this year, according to the latest report from Ariel Properties.
“The multifamily investment sales market has noticeably bounced back from a sluggish start to the year, and appears to have turned an important corner,” said Shimon Shkury, president and founder of Ariel Property Advisors. “All signs indicate the market will close out the year stronger.”
The biggest sale of an apartment property so far in 2017 was for 980-996 Avenue of the Americas (pictured, photo by CityRealty). The 400,000-square-foot mixed-use elevator building, known as The Vogue, sold for $320 million, representing $800 per square foot and $943,953 per unit.
Investors still spent 24% less in the third quarter this year than they did in the third quarter of 2016. However, the investment community seems to no longer be measuring the success of this year against the activity of that record-breaking year.
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