NYC multifamily sales hit $845 million in August

Invesco's Soho stake purchase was the month's heavy-hitter, at $222.2 million

TRD New York /
Oct.October 16, 2015 04:30 PM

Multifamily sales in New York City netted $845 million in August, jumping 24 percent despite a drop in the number of deals during the month, according to a new report.

The sales involved 82 buildings and 47 transactions, down from the 88 buildings and 60 deals in August 2014, according to a report from Ariel Properties Advisors released on Friday. The average monthly transactions from March to August declined to 71 — down from July’s six-month average of 74 — but also saw an increase in the average dollar volume to $1.189 billion.

As in previous months, Manhattan sales represented the biggest chunk of the month’s total at $331.2 million. SL Green’s sale of a hefty stake in a mixed-used building in Soho can be credited for a majority of this sum. The 80 percent stake in the building — located at 131-137 Spring Street — sold for $222.2 million to Invesco. The sale is helping finance SL’s purchase of 11 Madison Avenue for $2.6 billion.

The six-month average — from March to August — for price per square foot in Manhattan was $943.

August was a relatively good month for Brooklyn, which saw a 46 percent year-over-year increase in dollar volume. The largest multifamily deal of the month was a six-building rental portfolio located in Crown Heights, Prospect-Lefferts Gardens and Flatbush. Akelius Real Estate Management picked up the properties for $124.5 million.

The month’s standout in northern Manhattan was the sale of 11-buildings at 115th and 122nd streets for $35 million. August was pretty quiet in Queens, which only saw three multifamily transactions. The highest was 75-10 Grand Central Parkway, an elevator building in Forest Hills, for $8.6 million. Ten buildings changed hands in the Bronx, bringing in a total of $107.74 million. Elevator buildings at 564-572 East 166th Street and 1208 Franklin Avenue were sold for $15.5 million.

The six month average for price square foot was $323 in northern Manhattan, $159 in the Bronx, $319 in Brooklyn and $294 in Queens.

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