MARKET SALES SNAPSHOT
INDUSTRIAL
MULTI-FAMILY Q3 OFFICE 2020
RETAIL
THE BRONX Q3 MARKET SNAPSHOT Bronx Sales
INDUSTRIAL
Q3 2020 Q2 2020 vs Q3 2020 Q3 2020 Q2 2020 vs Q3 2020 TOTAL VOLUME TOTAL VOLUME AVERAGE PPSF DECREASE AVERAGE PPSF INCREASE $160M 133.3% $320 26.7%
SALES VOLUME BY SUBMARKET AVERAGE PPSF BY SUBMARKET
$70.0M $66.0M BATHGATE $354.94 $60.7M $60.0M CENTRAL BRONX $625.00 $50.0M FORDHAM $272.03 $40.0M HUNTS POINT $226.00 $30.0M
$20.0M $16.7M MORRISANIA $345.52 $9.0M $10.0M NORTHEAST BRONX $167.06 $2.0M $0.5M $0.0M ZEREGA $203.19 Bathgate Central Fordham Hunts Point Morrisania Northeast Bronx Bronx $0 $100 $200 $300 $400 $500 $600 $700
* Central Bronx had no sales activity Q32020.
Q1 2020 to Q3 TOTAL VOLUME AVERAGE PPSF BY TIER
$200. 0M $600/sf
$160. 0M $500/sf $484 /sf $160.0M $400/sf $120. 0M $300/sf $336 /sf
$80.0M $93.4M $200/sf $68.6M $100/sf $142 /sf $40.0M 6 6Sales Sales 5 Sales 66 Sales - Lower Tier Middle Tier Top Tier $0.0M Q1 Q2 Q3
Q3 2020 Takeaways • Bronx industrial buildings continued to be in high demand for both user/byers and investors looking to redevelop. • Volume increased by 133% quarter over quarter, but the price per square foot went down by 26.7%. • One of the largest transactions of the quarter was the sale of a self-storage building in Bathgate for $28.5M. Q3 MARKET SNAPSHOT Bronx Sales
MULTI-FAMILY
Q3 2020 Q2 2020 vs Q3 2020 Q3 2020 Q2 2020 vs Q3 2020 TOTAL VOLUME TOTAL VOLUME AVERAGE PPU DECREASE AVERAGE PPU INCREASE $118M 27.3% $154K 4.6%
SALES VOLUME BY SUBMARKET AVERAGE PPU BY SUBMARKET $40.0 M $36.4 M $350K $35.0 M $31.7 M $300K
$30.0 M $250K
$25.0 M $200K
$20.0 M $150K
$14.5 M $100K $15.0 M $50K
$10.0 M $8.6 M $150K $163K $109K $155K $175K $153K $317K $211K $135K $147K $129K $138K $4.9 M - $5.0 M $5.0 M $4.2 M $4.4 M $3.8 M $1.9 M $0.9 M $0.0 M Allerton Fordham Norwood Van Nest Foxhurst Clare mont Longwood Morris Park Bedford Park Mott Haven Morris Heights
Allerton Fordham Foxhurst Van Nest Clare mont Longwood Norwood Bedford Park Morris Park Mott Haven Morris Heights Park Versailles - Bronx River Q3 2020 * Central Bronx had no sales activity Q32020.
Q1 2020 to Q3 TOTAL VOLUME AVERAGE PPU BY TIER $250K $240. 0M $200K $214K /unit $200. 0M $207.0M $150K $160. 0M $143K /unit $120. 0M $100K $117K /unit $118.5M $80.0M $93.1M $50K
$40.0M 9 Sales 8 Sales 7 Sales - $0.0M Lower Tier Middle Tier Top Tier Q1 Q2 Q3
Q3 2020 Takeaways • The end of lock-downs in the outer boroughs coincided with the re-institution of pricing discovery and third quarter uptick in Multifamily sales volume. • This period was also marked with the increasing trend of ‘top tier’ and ‘long term hold’ assets trading. These transactions represent once in a lifetime opportunities to acquire prime assets that would never have hit the market two years ago. • These and other top tier properties, which include new construction and buildings with a retail component in a business hub, traded at well north of $200K per unit. • Typical Bronx multifamily pricing held steady in the low to mid $100K per unit range. Q3 MARKET SNAPSHOT Bronx Sales
OFFICE
Q3 2020 Q2 2020 vs Q3 2020 Q3 2020 Q2 2020 vs Q3 2020 TOTAL VOLUME TOTAL VOLUME AVERAGE PPSF AVERAGE PPSF INCREASE INCREASE $33M 311% $536 107%
SALES VOLUME BY SUBMARKET AVERAGE PPSF BY SUBMARKET $20.0M
ALLERTON $248 $16.0M CONCOURSE $238
$12.0M MORRIS PARK $211 $18.4M NORTH RIVERDALE $189 $8.0M $14.6M PELHAM BAY $500
$4.0M PELHAM GARDENS $163
WAKEFIELD $264 $0.0M Fordha m Spuyten Duyvil $0 $100 $200 $300 $400 $500 $600
Q1 2020- Q3 TOTAL VOLUME AVERAGE PPSF BY TIER $40.0M $33.0M $800/sf $30.0M $700/sf $600/sf $671 /sf $20.0M $500/sf $400/sf $519 /sf
$300/sf $417 /sf $8.0M $10.0M $200/sf $3.5M $100/sf 1 Sale 1 Sale 1 Sale - $0.0M Lower Tier Middle Tier Top Tier Q1 Q2 Q3
* Baychester, Concourse Village, Foxhurst, Hunts Point, Kingsbridge Heights/Jerome Park, Laconia, Longwood, Melrose, Morris Park, Mott Haven, Mount Hope, Park Versailles/ Bronx River, Pelham Bay, Port Morris,Riverdale, Throggs Neck, Tremont, Unionport, Wakefield, Westchester Village, and Woodlawn had no sales activity Q32020.
Q3 2020 Takeaways • Overall sales volume for office was up significantly, but continued to be a low volume sector. • There were only three transactions, but each were notable. • Each building sold was either mixed use or medical, not traditional office. Q3 MARKET SNAPSHOT Bronx Sales
RETAIL
Q3 2020 Q2 2020 vs Q3 2020 Q3 2020 Q2 2020 vs Q3 2020 TOTAL VOLUME TOTAL VOLUME AVERAGE PPSF AVERAGE PPSF INCREASE INCREASE $76.5M 135.2% $440 17.7%
SALES VOLUME BY SUBMARKET AVERAGE PPSF BY SUBMARKET
$20.0M $18.3M $17.9M $18.0M BRONX RIVER $451 MORRIS PARK $16.0M $263 HIGHBRIDGE $670 $14.0M WESTCHESTER SQUARE $435 $12.0M WAKEFIELD $346 $10.0M THROGGS NECK $282 $8.3M $8.0M $8.0M MORRIS PARK $290 $5.6M $6.0M KINGSBRIDGE $318 $4.0M $2.8M $3.5M BELMONT $221 $2.9M $2.5M $2.2M $2.0M $1.0M $1.2M $1.0M $1.5M BEDFORD PARK $212 $0.0M ALLERTON $285
Bel mon t Crotona Tr em o nt Th e H ub $0 $100 $200 $300 $400 $500 $600 $700 $800 Wa kefield Cla re mo n t Highbridge Kingsbridge Morris Park P el ha m Bay The Heights Bedford Park Throggs Neck Pelha m Park way
Q1 2020 to Q3 TOTAL VOLUME AVERAGE VOLUME BY TYPE $100. 0M $40.0M $34.9M $35.8M $80.0M $76.5M $35.0M
$30.0M
$60.0M $25.0M
$20.0M $40.0M $36.9M $32.5M $15.0M
$20.0M $10.0M $5.8M $5.0M
$0.0M $0.0M Q1 Q2 Q3 Freestanding Mixed Use Storefront
* Allerton, Baychester/Eastchester, Belmont, Bronxdale, Co-op City/City Island, Foxhurst, Hunts Point, Kingsbridge Heights/Jerome Park, Longwood, Melrose, Morrisania, Mott Haven, Mount Hope, Park Versailles/Bronx River, Riverdale, Unionport, University Heights, Westchester Square, and Westfarms had no sales activity Q32020
Q3 2020 Takeaways • Despite doom and gloom rhetoric around retail, sales numbers and pricing were both up for the third quarter. • The majority of trades were small, mixed-use or storefront buildings. • There were approximately 29 total transactions
*Not included in our Bronx stats was the large sale of the Silver Cup movie studio on Locust Avenue.