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Northern Manhattan’s Apt. Market Slips in Q3

Amid a citywide apartment market that performed well during the third quarter, Northern Manhattan struggled, according to Ariel Property Advisors. It was the only submarket to record across-the-board declines in all three volume metrics—number of transactions, number of buildings sold and dollar volume—on both a quarterly and annual basis.

During Q3, Northern Manhattan saw 11 transactions involving 17 buildings for an aggregate value of $119.66 million, representing declines of 21%, 11% and 31% compared to Q2. On a year-over-year basis, transaction, building and dollar volume fell 45%, 35% and 61%, respectively.

The largest transaction in the submarket was the sale of 3440 Broadway for $18.45 million, Ariel reported.

Conversely, the Bronx was the only submarket to see across-the-board increases in these metrics on both a quarterly and annual basis for Q3. In total, the borough saw 32 transactions involving 58 buildings for dollar value totaling $334.38 million.

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Inside The Story

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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 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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