The Real Deal New York

NYC multifamily sales volume fell to $863M in February

Transactions slowed after a strong January

April 15, 2016 03:40PM
By Kyna Doles

Ariel Property Advisors

(credit: Ariel Property Advisors)

Multifamily sales slowed across New York City in February, following an active January, which saw nearly $1.4 billion in sales. Dollar volume slipped to $863 million in February, according to the latest report from Ariel Property Advisors.

Transaction and building volume for the month, at 47 and 73 respectively, were down from January and year-over year.

Manhattan had the fewest multifamily deals in February. Sales from 12 buildings netted $329.6 million, including Greystar Real Estate’s $211 million purchase for a 214-unit rental building at 160 West 24th Street in Chelsea. With only one more building sale in January, dollar volume was nearly double than it was in February.

In Northern Manhattan, there were nine deals involving 14 multifamily buildings. Building volume was unchanged from the prior month, while dollar volume fell 52 percent to $140.8 million.

The area’s priciest deal was the Jewish Theological Seminary’s sale of 3060 Broadway for $35.25 million to a group of investors led by Colton Properties.

Brooklyn’s multifamily market saw only slight improvements from January. Nineteen buildings sold across 17 transactions, a 27 percent and 31 percent increase respectively over the last month, although those figures were down year-over-year. The borough had $159.8 million in total sales for the month, a decrease from the $225.4 million in sales in January, and 60 percent decline over the same period last year.

A private investor with ties to Forest City Ratner paid $55 million for the Williamsburg Social at 250 Bedford Avenue, the borough’s largest deal of the month.

Sales of two Kew Gardens multifamily buildings to Benedict Realty Group accounted for more than half of Queens’ dollar volume in February. Benedict purchased the pair of rental buildings at 84-17 125th Street and 80-15 Grenfell Street for a combined $53 million.

The deals were part of 11 sales and eight transactions in Queens. Dollar volume totaled $96.4 million, half of January’s volume.

The Bronx is seeing a strengthening multifamily market over time. The borough had 17 buildings sell through eight transactions. While those figures are down from January, the Bronx saw a 213 percent jump in dollar volume over last year, with $135.9 million in total sales.

Investor Joel Gluck acquired a South Bronx Section 8 housing complex at 500-512 Rosedale Avenue, known as Academy Gardens, for $66.7 million.

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