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.
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories
