Ariel Property Advisors 2012 Wrap-Up
Ariel Property Advisors president Shimon Shkury (right, with VP Scot Hirschfield) tells us the firms year-end reports show that 2012 prices in prime areas of Brooklyn were Manhattanized. Brooklyn commercial sales reached $4B, a 106% YOY jump. Investment sales in the Bronx and Northern Manhattan rallied to their highest levels since 08. The dollar volume of deals in the Bronx shot up 63% to $1.3B, demonstrating that the borough is becoming a destination rather than an alternative for capital. Sales in Northern Manhattan totaled $1.2B, an 87% hike. Multifamily remained the preferred asset class Uptown, but development sites awoke from a five-year slumber owing to rising rents, stabilized condo values, and some new construction on the horizon. For Ariel's 2012 year-end reports for these neighborhoods, click on their names above, and for more info on our sponsor, click here.