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Northern Manhattan Investment Sales Show “Tremendous Improvement” from 2020
Northern Manhattan investment property sales concluded a challenging 2021 on a positive note as the market displayed recovery on several fronts, reported Ariel Property Advisors. The number of transactions returned to a level last seen pre-COVID in 2019, with dollar volume up 173% year-over-year to $1.57 billion, transaction volume up 22% and property volume up 23%.
“A few institutional-caliber transactions and a rebound in mid-range transactions drove tremendous improvement in dollar volume,” according to the report. The firm noted that “buyers and sellers are showing more confidence” as fundamentals improve. In particular, multifamily property prices are reverting to trends evident before the pandemic as values of predominantly free-market versus rent- regulated diverge.
“Despite continued caution, development site sales volume and pricing picked up in the second half,” Ariel reported. “Provided the Affordable New York Program is not drastically reformed, we expect development site sales to show continued improvement.”
- ◦Sale/Acquisition
