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

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

Here’s what the $10M-$30M NYC investment sales market looked like last week
An aerial view of a pop-up drive-in theater built in the parking lot at the Broadway Commons in Hicksville, New York (Getty)

Covid pummeled shopping centers, but their parking lots are thriving

Covid pummeled shopping centers, but their parking lots are thriving
20 West 33rd Street (20West33rd)

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project
Bank OZK CEO George Gleason (Unsplash; Bank OZK)

Bank OZK’s lending up in third quarter

Bank OZK’s lending up in third quarter
Gap CEO Sonia Syngal (Getty)

Gap Inc. will close 350 stores and exit malls entirely

Gap Inc. will close 350 stores and exit malls entirely
Steve Cohen and Citi Field (Getty)

Citi Field lease clause could stymie billionaire’s quest for the Mets

Citi Field lease clause could stymie billionaire’s quest for the Mets
Consumers are using streaming services more than ever, and data center real estate is booming (iStock)

Real estate for data centers is having a moment

Real estate for data centers is having a moment
Paul Manafort and Manhattan district attorney Cyrus Vance, Jr. (Getty)

Manafort mortgage-fraud case dismissed, again

Manafort mortgage-fraud case dismissed, again
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...