The Bronx was on top in February’s multifamily market Related Companies’ $71M portfolio sale was largest deal in city
From left: Charles Bendit, Steve Ross, Paul Pariser, 1065 Jerome Avenue and 2608 Creston Avenue
The Bronx stole the spotlight from Manhattan in February’s multifamily market.
The borough saw the largest deal throughout all of New York City in the market thanks to Related Companies’ $71 million sale of a Bronx portfolio to Taconic Investment Partners according to the latest monthly report from Ariel Property Advisors.
There were very few large-scale deals in February overall, so even though transaction and building volume both went up, dollar volume decreased month-over-month.
The city saw 50 multifamily deals in February across 83 buildings worth about $701 million overall. Year over year, these were increases of 61, 73 and 91 percent, respectively. Month-over-month, transaction volume went up by 14 percent, building volume went up by 20 percent and dollar volume went down by 23 percent. This was largely due to the lack of transactions worth more than $100 million in February.
Manhattan was the only submarket to see month-over-month declines across the board in February, while the Bronx and Brooklyn saw universal gains, and Queens saw a mixture of both.
In Manhattan, transaction volume fell by 36 percent, building volume fell by 33 percent and dollar volume fell by 76 percent. The borough saw nine tran爱上海同城对对碰