The Real Deal New York

NYC multifamily market pulls in $1.4 billion at start of 2016

January dollar volume increased 68 percent year-over-year

March 17, 2016 04:56PM
By Kyna Doles

Ariel Property Advisors

(credit: Ariel Property Advisors)

The New York City multifamily market kicked off the year with $1.37 billion in sales involving 76 buildings during January.

Dollar volume leaped 68 percent year-over-year, while building volume was down slightly from the 98 multifamily buildings sold during the same period last year.

January was anchored by A&E Real Estate Holdings’ purchase of the Riverton housing complex in Central Harlem for $201 million. The deal included nearly 1,000 affordable housing units.

While Manhattan’s January figures looked dismal in comparison to December, which was bolstered by the $5.3 billion-plus sale of Stuyvesant Town-Peter Cooper Village. Manhattan dollar volume was up 77 percent from a year ago. The area grossed $541.8 million from 13 buildings through 12 transactions. Among the top deals was the sale of an Upper East Side rental building at 322-326 East 82nd Street for $27 million.

Brooklyn saw $255.4 million in sales from 15 buildings and 13 transactions — the most single-asset sales of any other borough that month. Dollar volume rose 132 percent from the prior month, but dipped 7 percent over the same period last year.

Notable transactions include the $110 million sale of 110 Green Street in Greenpoint. World Wide Group purchased the 130-unit rental building from Meadow Partners. The deal marked the priciest residential sale in the neighborhood.

In Queens, multifamily sales were down from December, but grew dollar volume grew 150 percent over the same period last year. The borough had $192 million in sales from eight buildings and transactions.

For the third time since 2012, a 17-story rental building at 41-17 Crescent Avenue in Long Island City traded hands. Weiss Realty is the property’s newest owner. The Weiss family paid $97 million for the 130-unit building in January.

The Bronx led in sales with 26 buildings and 16 transactions, up from 20 buildings in January 2015. With $121.1 million in sales, dollar volume fell 32 percent from December but climbed 60 percent over last year. The borough’s priciest deals were concentrated in the North Bronx, including the $19 million sale of an 89-unit rental at 873 Orloff Avenue.