In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, interviews Ariel’s Manhattan experts Michael Tortorici, Founding Partner; Chris Brodhead, Senior Director, and Howard Raber, Director, about what they’re seeing in the Manhattan market. They discuss how mortgage maturities are driving transactions, the increase in rent stabilized multifamily sales, condo development trends, office to residential conversions and housing policies including the City of Yes.
According to Ariel Property Advisors’ Manhattan 2024 Mid-Year Commercial Real Estate Trends report, investment sales in Manhattan in 1H 2024 rose to $5.8 billion over 167 transactions, a 14% and 16% increase, respectively, compared to 2H 2023, Average pricing for multifamily properties dropped by 15% from $722/SF in 2023 to $611/SF in 1H 2024, while average cap rates increased from 5.24% to 6.19%. The report showed that development sales totaled $1.12 billion in 1H 2024, a 128% increase from 2H 2023, and transactions totaled 28, an 115% increase over this period. Office to residential conversions accounted for approximately 50% of the development dollar volume.
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