The Real Deal New York

Brooklyn trounces Manhattan in January multifamily sales

Bronx sees greatest year-over-year recovery, Manhattan buoyed by $95M Cliff Street sale
March 14, 2014 04:45PM

While January multifamily sales in New York City tumbled from December numbers, both the dollar volume and number of properties sold were bigger than in January of 2013, according to a monthly report from Ariel Property Advisors.

Brooklyn trounced Manhattan — and its outer-borough counterparts — with 22 sales across 40 buildings totaling $239.98 million in gross consideration, bolstered by the sale of a four-building portfolio in Brighton Beach that traded for over $70 million.

“The growth in January’s year-over-year numbers suggests that 2014 is going to be a robust year for New York City multifamily sales, in terms of both pricing and volume,” Shimon Shkury, president of Ariel Property Advisors, said in a press release from the firm. “Contract signings and new listing activity we’ve seen during the first quarter back this up.”

Manhattan was hot on Brooklyn’s heels, with 11 transactions composed of 14 buildings totaling $235.63 million in gross consideration. The Financial District’s 15 Cliff Street alone netted $95 million in January, or just under $600 per square foot.

The Bronx saw the greatest recovery from January of 2013, snagging $157.97 million in gross consideration for 14 transactions composed of 22 buildings. One family-owned portfolio on Pelham Parkway sold for $52 million, or $156 per square foot.

Eight sales took place in Northern Manhattan, netting a slight month-over-month and year-over-year increase to $55 million in dollar volume, while Queens saw seven buildings trade for a total gross consideration of $18.24 million. — Julie Strickland