Manhattan leads city in multi-family sales

Building tax rates, water rates and home heating oil prices on the rise, report says
February 09, 2011 11:19AM

Manhattan was the most active region in apartment building trades last year, followed by Brooklyn and then the Bronx, a new report released today from Ariel Property Advisors shows (see full report below).

Buyers paid a total of $2.1 billion for 170 apartment building transactions last year in all of Manhattan. There were 99 trades in Brooklyn valued at $360 million, and 79 sales in the Bronx worth $315.9 million. Queens had the slowest year, with just 43 properties trading, totaling $212 million, the report indicates.

“With banks taking more steps to sell underperforming assets, a stronger consensus for near-term economic growth and more comparable sales lending clarity to asset prices, we expect the volume of transactions will increase throughout 2011 and 2012,” the report says.

Manhattan Below 96th Street had the highest average price per foot, at $440. The least expensive was the Bronx, with an average price per foot of $80.

The most expensive neighborhood in the city on a price-per-square-foot basis was Midtown West, where 543 units in five properties traded for an average of $545 per square foot. The least expensive neighborhood the report tracked was Bedford Park, in the Bronx, where two properties with 83 units sold for an average price per foot of $55.

The report also detailed the rise in building tax rates in recent years, which climbed from below 12 percent in 2008 to above 13.3 percent in 2011. It also shows increases in water rates and home heating oil prices. TRD

Report