Dollar volume of multi-family sales falls 62% in a month

Big ticket July deal had buoyed July transactions

TRD New York /
Oct.October 16, 2013 02:56 PM

Multi-family home sales took a dip in August, according to Ariel Property Advisors’ monthly report on multi-family sales provided exclusively to The Real Deal.

The number of multi-family transactions in New York City dropped three percent in August 2013 compared to the same time one year ago. A total of 59 transactions, comprised of 85 buildings totaling $456.765 million happened in New York City in August. That compares to 61 transactions comprised of 88 buildings totaling $594.020 million in the same month one year prior.

The total in gross consideration was a 58 percent tumble from July’s $1.107 billion, which saw 60 transactions comprised of 109 buildings, buoyed by the $600 million sale of Westbrook Partners’ residential portfolio to Ziel Feldman.

“Since the end of the first quarter, we’ve seen the multifamily sales market steadily improve and pricing indicators rise throughout the city,” Shimon Shkury, president of Ariel Property, said in a statement. “Taken together, the July and August figures reinforce our expectation that this trend will continue.”

Not surprisingly, Manhattan led the charge with $173.235 million in sales, a 75 percent percent drop from July’s $700.675 million. The sub-market saw 17 transactions comprised of 24 buildings.

But Brooklyn’s 16 transactions were nothing to sniff at. The 24 buildings that sold totaled $78.431 million — an increase  on both a monthly and year-over-year basis. A 32,000-square-foot elevator building at 54-66 Livingston Street in Brooklyn Heights that sold for $13.25 million was a notable sale in the borough.

On the opposite end, Queens saw a dip from standout July sales, racking up only two multi-family transactions totaling $5.184 million in August, a number roughly in line with figures from a year previous.

The average monthly transaction volume rose to 56 transactions per month for the six months ended in August 2013, with the six-month average dollar volume jumping to $677.132 million from $642.609 million in the previous month. — Julie Strickland


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

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”

Numbers were down across the board (Credit: iStock)

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

South Florida developers riff on the shift from condos to rentals: TRD Miami Showcase & Forum

Alex Rodriguez

Watch: A-Rod on the benefits and pitfalls of being a celebrity investor

Alex Rodriguez

Watch: A-Rod on the benefits and pitfalls of being a celebrity investor

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

arrow_forward_ios