Multifamily sales hit $783M in April

Dollar volume, number of deals up from same period last year: Ariel Property Advisors

TRD New York /
Jun.June 15, 2015 04:48 PM

New York City’s multifamily market saw a total of $783 million in deals in April, a year-over-year increase of just under 30 percent, according to a new report.

Although sales across all markets slowed from March, transaction volume in the city rose 43 percent year-over-year in April, with 112 buildings trading in 66 transactions, according to the report by Ariel Property Advisors.

“Demand continues to exceed available supply, which is pushing up transaction volume and pricing,” said Shimon Shkury, president of the firm.

Queens made the strongest comeback in multifamily sales year-over-year. The borough had 10 building sales which totaled $23.1 million. During the same period last year, only a single building traded for $3.4 million.

Brooklyn accounted for 30 percent of all buildings sold throughout the city in April, again leading the way in terms of number of transactions and building volume. The borough saw 34 multifamily buildings trade across 20 transactions totaling $206.5 million. Notable sales include a 129-unit Clinton Hill portfolio which traded for $38 million.

Meanwhile, Manhattan had the highest dollar volume, with $247.3 million in sales from 20 buildings and 13 transactions. Wafra Residential Value Invest’s $98.3 million purchase of an 85-unit luxury rental building at 138 East 12th Street helped to bolster the area’s high dollar volume for the month.

In the Bronx, E&M Associates sold a 182-unit building at 975 Walton Avenue for $31 million. The deal was one the borough’s priciest to close in April. Multifamily sales in the borough totaled $153 million from 29 buildings.


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

Global City Development principal Brian Pearl (Credit: iStock)

The $2.5B plan to lure millennials into new houses

Seth Schochet, Drew Goldsmith and 201 West 77th Street (Credit: Google Maps)

Large, low-key landlord snags UWS building for $100M+

A&E Real Estate Holdings principal Douglas Eisenberg and the properties along Queens Blvd and 65th Avenue (Credit: The Rego Park 18 Portfolio)

A&E Real Estate buys huge rent-stabilized portfolio at deep discount

Community Renewal CEO RuthAnne Visnauskas and Citywide Support director Dino Panagoulias  NYS Homes (Credit: LinkedIn, iStock)

Landlords lob another lawsuit at new rent law

29-28 41st Street, and from left: Arik Lifshitz Amit Doshi, Adan Elias Kornfeld, Jonathan Shainberg and David Schechtman (Credit: Google Maps)

Long Island City building fetches $47M in wake of rent law

arrow_forward_ios
Loading...