Northern Manhattan investment sales saw both increases and a year-over-year decrease in 2018, according to Ariel Property Advisors data. Although transaction volume was off 14% for the year to 223 deals, a seven-year low, dollar volume and the number of buildings that traded were up 8% and 21%, respectively.
“All pricing metrics remained relatively stable to levels seen in 2017, with slight declines from 2016,” said Victor Sozio, Ariel EVP. “While lower transaction volume suggests buyers are becoming more selective in their purchases, Northern Manhattan remains a lucrative destination for investors looking at emerging markets in New York City.”
The market faces potential headwinds in 2019, such as the expiration of New York’s current rent regulation laws in June. However, recent rezonings in Inwood and East Harlem are poised to yield major transactions, and investor interest remains strong in developing workforce and “affordable luxury” housing.
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).
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!