The Real Deal New York

Multi-family deals rise 40 percent over last year

December 13, 2013 02:17PM

A bevy of small building sales boosted the number of multi-family deals in the city in October by 40 percent – for the second time this year, according to data from Ariel Property Advisors provided exclusively to The Real Deal.

October’s 70 multi-family deals included 99 properties worth more than $648 million. Year-over-year, deal volume was up 40 percent and dollar volume up 61 percent. During October 2012, there were 50 deals involving 70 buildings totaling roughly $403 million.

The change was less significant when compared to September, which saw a 71 percent surge in dollar volume over the previous year. Between September and October, deal volume grew 32 percent, while dollar volume dropped 1 percent.

The Queens multi-family market was uncharacteristically strong with nearly $99 million in deals. A 144-unit portfolio at 30-50 21st Street and 11-15 Broadway changed hands for $60 million, for example. Brooklyn, however, led the pack in terms of activity with $103 million from 23 deals involving the same number of buildings. A 30,000-square-foot building at 100 Luquer Street in Carroll Gardens sold for more than $500 per square foot.

Manhattan, which had a so-so month, saw 13 deals involving 23 buildings totaling $221 million. DelShah Capital, for example, paid $1,200 per square foot for a mixed-use property at 100-102 Christopher Street in the West Village.

The small sales eschewed the “trend of the last few months which tended to include large institutional transactions,” said Ariel Property Advisors’ Shimon Shkury in a statement. — Mark Maurer