NYC multifamily sales top $3B in Q1

Multifamily dollar volume rises 6 percent year-over-year

Ariel Property Advisors Q1 Multifamily Sales

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.

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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.