Investment sales in New York City continue to drop across all boroughs except The Bronx where the borough was the only one to show an increase in the second half of 2017 which was up by 3% the previous year from $1.45 billion to $1.49 billion.
Manhattan, meanwhile, saw a 41% drop form $17 billion to $10 billion during the same time period and Queens saw a decline of 46% from $3.5 billion in 2016 to $1.9 billion.
Brooklyn, dropped the least which went down by 26% but Staten Island saw the biggest drop by 59% from $492 million to $203 million.
According to Real Estate Weekly, The Bronx’s push up in sales was helped by the $115 million sale of 260 E 161st Street in Melrose to the owners of Manhattan’s Chelsea Market in what is to date the borough’s most expensive sale ever.
“The current demand and value of Bronx properties, as seen in our most recent New York City Residential Sales Report, carried over to investment property trades in the second half of 2017,” REBNY president John H. Banks said. “While the pace of completed transactions lagged citywide in 2017, investors continue to show interest in income-producing properties across the five boroughs.”
It will be interesting to see if this upwards trend continues for The Bronx as gentrification continues to rear its ugly head.