The Real Deal New York

NYC multifamily sales top $3B in Q1

Multifamily dollar volume rises 6 percent year-over-year
By Kyna Doles | April 27, 2015 02:03PM

Multifamily sales in New York City hit $3.3 billion in the first quarter of 2015, with sales in Manhattan and Brooklyn each exceeding $1 billion.

According to a new quarterly report from Ariel Property Advisors, dollar volume for multifamily sales was up 6 percent year-over-year.

“New York City multifamily property sales saw a robust kick off to the year as first-quarter figures outpaced those seen one year ago,” said Shimon Shkury, president of Ariel Property Advisors.

In Manhattan, notable transactions include Stellar Management and Chetrit Group’s nearly $500 million purchase of 305 East 86th Street and 160 East 88th Street, which helped dollar volume soar in the first quarter.

Overall, there were 208 transactions during the first quarter, a 7 percent increase compared to the same period last year and 9 percent higher than the previous quarter.

Brooklyn accounted for 33 percent of the city’s 338 building sales, a 16 percent jump from the previous quarter, but a 14 percent decline year-over-year.

The borough’s dollar volume nearly doubled from the fourth quarter of 2014, and standout deals include 494 Sterling Place in Crown Heights, which traded for almost $800 per square foot.