Manhattan leads city in multi-family sales

Building tax rates, water rates and home heating oil prices on the rise, report says

TRD New York /
Feb.February 09, 2011 11:19 AM

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


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Here’s what the $10M-$30M NYC investment sales market looked like last week
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

New NYC rent law “beginning to shut down investment”
Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

New York’s multifamily market had its slowest first half of the year since 2011
Mayor Bill de Blasio (Getty, Wikimedia)

Landlords challenge city laws protecting non-paying businesses

Landlords challenge city laws protecting non-paying businesses
From left: G.H. Palmer's Geoffrey Palme, RFR Holdings' Aby Rosen, Macklowe Properties' Harry Macklowe, Thor Equities' Joseph Sitt and Ellicott Development's Carl Paladino (Getty, iStock)

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks
Photo illustration of Ryan Serhant and  22-43 Jackson Avenue (Getty, Trader Joe's) 

Trader Joe’s to open in LIC early next year

Trader Joe’s to open in LIC early next year
Shawn Mobley (left), is being replaced by Andrew McDonald (right) as CEO of the Americas at Cushman

Shakeup at Cushman: Mobley out, McDonald promoted

Shakeup at Cushman: Mobley out, McDonald promoted
(iStock)

To survive, NYC retailers are treating average Joe’s like they’re rich

To survive, NYC retailers are treating average Joe’s like they’re rich
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...