NYC multifamily sales double in value from previous month

Queens sees 3,848 percent year-over-year increase
August 16, 2013 02:30PM

New York City saw a jump of 107 percent in the dollar volume of multifamily transactions in June compared to the previous month, according to a new report from Ariel Property Advisors provided to The Real Deal.

June also saw a 21 percent year-over-year increase in the number of multifamily deals, with 55 transactions comprised of 84 buildings totaling $929 million, compared to 61 transactions comprised of 85 buildings totaling $449.68 million in May 2013.

In June 2012, the grand total was 58 transactions comprised of 84 buildings, totaling $765 million.

Though slightly down on a month-to-month and year-over-year basis, updated June figures confirm a stronger second quarter for multifamily sales than previously reported.

“The June figures are noteworthy because of the month’s strong institutional sales consisting of 10 transactions that traded north of $20 million,” Shimon Shkury, president of Ariel Property Advisors, said in a release from the company.

Also noteworthy, he said, was that multifamily transactions in Queens increased a whopping 3,848 percent year-over-year and 503 percent month-to month to $240.8 million. Sales in the borough included the $85.25 million acquisition of a 16-story rental apartment complex Saxon Hall at 62-60 99th Street in Rego Park: a price tag that breaks down to roughly $170 per square foot.

Manhattan, however, led the charge in both transactions and dollar volume. A total of 16 sales comprised of 31 buildings totaling $427 million in gross consideration, with the largest taking place at 1710 Third Avenue. The 521-unit mutifamily building at the corner of Third Avenue and 96th Street sold for $252 million, or nearly $495 per square foot. — Julie Strickland