Multifamily dollar sales near $1.2B in July

The Bronx represented 32 percent of all building volume, more than any other borough
By Kyna Doles | September 18, 2015 01:30PM

New York City’s multifamily sales neared $1.2 billion in July, and price increases in the outer boroughs pushed the city’s overall dollar volume up 27 percent from the previous month, according to a report from Ariel Property Advisors.

“The July investment market conditions showed the strength of pricing throughout New York City as well as reaffirming that the outer boroughs metrics will continue their upwards momentum as we have seen over the first half of 2015,” said Ariel Property Advisors President Shimon Shkury.

The city saw 141 buildings trade across 75 transactions, a 26 percent increase in building volume year-over-year and 3 percent decline in transaction volume.

While Manhattan continued to lead in dollar volume, the Bronx represented 32 percent of all building volume in July, more than any other borough for the month, and had three sales above $40 million. Dollar volume across the Bronx totaled $273.4 million and the area had 46 buildings trade in 20 transactions. Black Spruce Management purchased an 11-building portfolio in Belmont, East Tremont and East Farms for $51.5 million in the first week of July. The deal included 345 rental apartments and two retail units.

Manhattan’s dollar volume totaled $318.1 million the month, despite a decline in building and transaction volume from June. The area had 24 buildings trade across 17 transactions, a 14 percent and 6 percent decline in building and transaction volume, respectively. Atlas Capital Group made the month’s priciest purchase in the borough. The investment firm paid $72.9 million for a pair of Chelsea multifamily building at  225 West 23rd Street and 220 West 24th Street, which have a combined 245 units.

Multifamily sales in Brooklyn took a hit in July, despite being the most active borough in June. Although dollar volume was up 5 percent to $252.6 million, building and transaction volumes were down from the previous month. The borough saw 25 sales across 15 transactions, a 22 percent and 38 percent decline respectively. Benchmark Real Estate shelled out $50 million for a 67-unit building at 23-25 Monroe Place in Brooklyn Heights, and RedSky Capital sold a pair of rental building in Park Slope for $37 million,.

Queens sales had steady growth across the board, and A&E Real Estate’s purchase of the Opal for $134 million helped push the borough’s dollar volume to $164.7 million. Six buildings sold in eight transaction during July.