New York & Tri-State + Uptown/Bronx + Apartments | August 2, 2019

Northern Manhattan Investment Sales Hold Steady for All But Apartments

Northern Manhattan’s investment property market was steady for development sites and commercial buildings in the first half of 2019. However, anticipation of recently enacted rent regulations led to fewer multifamily property transactions, says Ariel Property Advisors in a midyear report.

Compared to 2018’s first half, transaction, building and dollar volume fell 57%, 48%, and 21%, respectively, according to Ariel. Without the $212.5-million sale of Chetrit Group’s student housing building at 1760 Third Ave., the decline in dollar volume would have been close to 47% year-over-year.

“Multifamily sales may show a slight uptick in the coming months, but overall activity will remain low while the market comes to terms with the vast implications of this new legislation,” said Michael A. Tortorici, EVP at Ariel. “New court challenges that will probably take years to unfold may also generate uncertainty that keeps overall transaction volume low in the near term.”

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About Paul Bubny

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).