NYC multi-family sales see monthly gains

The number of multi-family building sales in New York City rose 21 percent month-over-month in March, according to a report released today by Ariel Property Advisors.

There were 41 sales totaling $340.86 million in March, seven more than in February when the total dollar volume was $288.65 million , or 18 percent more.

The year-over-year change was not as positive, with a 21 percent decline in the number of transactions, a 22 percent drop in the number of buildings traded, and a 16 percent decrease in dollar volume of sales, the report shows. Last March, 67 building sold in 52 transactions worth a total of $403.9 million.

In March, the only submarket to post year-over-year gains was northern Manhattan, in large part due to the $17 million sale of 1423 Amsterdam Avenue and the $8.62 million sale of 500 Fort Washington Avenue.

There were 15 building sales in Manhattan worth $151.7 million, compared to February when there were seven sales totaling $88.8 million. The sale of a portfolio of Upper West Side buildings for $70 million contributed greatly to the volume, the report shows.

Flatbush in Brooklyn was especially active. Six sales occurred in March, the biggest of which was a $22.9 million deal for a transitional housing property, the report said. Overall in the borough, there were 11 sales worth $63.1 million.  – Mark Maurer