Uptown Manhattan’s I-sales fell off a cliff

Commercial sales volume dropped to $700M in the first half of 2017

TRD New York /
Jul.July 26, 2017 08:00 AM

It was a sluggish first half of the year for Northern Manhattan’s commercial real estate market, with a stunning drop in sales volume and mixed pricing results.

A total of 138 properties trades hands in 154 deals for a total dollar volume of $694 million uptown, down 64 percent year-over-year, according to a report by Ariel Property Advisors. For the last four half-year periods, sales volume was at $1.3 billion or higher with a peak at $1.9 billion in the first half of 2016.

Sales volume for both the multifamily and development sectors were deep in the red, with a 67 percent slide in the former and 76 percent in the latter, while user and commercial properties were up.

As for pricing, the results were mixed. In the multifamily sector, average price per square foot rose 9 percent from $361 to $394, while the average price per buildable square foot at development sites dropped 12 percent to $200, the same in 2015.

East Harlem and Central Harlem continued to be the most active for development during the half-year period. The two neighborhoods combined saw 79 percent of the total volume for development sites. And Central Harlem was the most active overall, taking 32 percent of the pie, or $222 million, followed by Washington Heights with 26 percent and East Harlem with 22 percent.

Related Articles

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

Breather CEO Bryan Murphy (Credit: LinkedIn and iStock)

Breather bloodbath: Flex-office startup fires 17% of staff

Shibber Khan of Criterion Group and 2924 8th Avenue (Credit: Criterion Group via YouTube and Google Maps)

Criterion’s next self-storage site will be in Upper Manhattan

809 First Avenue and QIA CEO Mansoor Bin Ebrahim Al-Mahmoud (Credit: Google Maps)

Qatar state fund drops $91M on property near UN

Stephen Levin, REBNY's Jim Whelan and Brad Lander (Credit: Getty Images)

The bill that won’t die: Will commercial rent control finally pass?

Clockwise from top left: 37 Perry Street, 595 Broadway, 1424-1428 Lexington Avenue, 204 Fourth Avenue and 93 North Ninth Street (Credit: Google Maps)

Gowanus trade biggest of six mid-market investment sales this week

305 East 46th Street (Credit: iStock)

Japanese firm lands $84M financing for Midtown East buy

308 West 82nd Street and Real Capital Analytics founder Robert M. White Jr. (Credit: Google Maps)

Real Capital Analytics’ founder buys UWS building, leading last week’s I-sales