Multifamily Leads as Bronx Investment Sales Volume Soars
The Bronx saw record dollar volume and the second largest number of transactions ever recorded with $1.54 billion investment sales across 191 transactions in the first half of 2022, according to research produced by Ariel Property Advisors.
Writing in Forbes magazine, Ariel president Shimon Shkury noted that multifamily sales accounted for nearly half the transactions, or $756 million, which is the highest dollar volume since H1 2016, when $960 million in multifamily buildings traded. The borough’s top transaction in H1 2022 was a $169-million multifamily portfolio sale.
“The Bronx is attracting an influx of capital because it’s one of the first boroughs in New York City where multifamily owners have adjusted their prices to accommodate the high interest rate environment,” said Ariel founding partner Victor Sozio. “As a result, the borough’s assets offer an attractive spread between cap rates and borrowing costs.”
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).