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New York & Tri-State  + Uptown/Bronx  + Apartments  | 
Multifamily prices in Northern Manhattan are reverting to pre-COVID trends

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.” 

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Ariel Property Advisors

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).

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