Bronx i-sales grew in first half of 2016, multifamily market remained strong

Overall pricing and number of sales rose year-over-year

TRD New York /
Jul.July 28, 2016 05:31 PM

Buyers aren’t shying away from the Bronx’s investment sales market, even as the rest of the city saw the number of deals shrink in the first six months of the year, according to the mid-year report from Ariel Property Advisors.

Sales from 322 properties and 188 deals in the borough totaled $1.4 billion in the first half of 2016. Dollar volume rose seven percent year-over-year and property volume increased 10 percent.

The borough’s top deals include a 38-building multifamily portfolio that Harbor Group International and Isaac Kassirer bought for $140 million and a Bronx factory building that sold for $44 million to the Bluestone Group TRData LogoTINY and the Altmark Group.

The Bronx’s multifamily market continued to flourish, with dollar and property volume up from the first half of 2015. Sales of multifamily buildings totaled $989.3 million, and accounted for 73 percent of all property types. Dollar volume was up 12 percent-year-over-year and sales volume increased from 68 to 200 in the first six months of 2016.

Development sites also saw modest sales growth. Dollar volume for dev site deals totaled $262.7 million, a 12 percent jump over the first half of 2015, while building volume rose 10 percent to 322. Developers Joshua and Jack Guttman shelled out $24 million for a 10.5-acre site in Hunts Point and the city tapped developers to build an affordable housing complex at a Mott Haven development site.

Commercial sales volume took a hit, slipping from 32 to 24 year-over-year, but buyers spent 13 percent more this year than in the first half of 2015.

The market will likely remain steady through the remainder of the year, with little change in pricing and property volume, Ariel Property Advisors said.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

448 East 143rd Street in the Bronx (Credit: Google Maps)

Private developer’s NYCHA project in Mott Haven lands $79M in financing

From left: 305 East 47th Street and 286 River Avenue (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Clockwise from top left: 2-34 Beach 102nd Street in Far Rockaway, 175 Canal Street West in Mott Haven, 102 Fulton Street, and 71 Smith Street in Boerum Hill (Credit: Google Maps and StreetEasy)

Here’s what the $10M-$30M NYC investment sales market looked like last week

New York City investment sales in July 2019

145-65 Wolcott Street in Brooklyn, 3428 Park Avenue in the Bronx and 20 East 35th Street (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Clockwise from top left: 3860 Nostrand Avenue in Brooklyn, 50 Manhattan Avenue and 250 and 254 West 23rd Street (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

arrow_forward_ios