NYC multifamily sales near $4B in Q1

Dollar volume is up significantly from last quarter

Apr.April 25, 2016 04:00 PM

The New York City multifamily market saw pricier deals in the year’s first few months even as building and transaction volume decreased over last year, according to a new quarterly report from Ariel Property Advisors. 

Dollar volume totaled nearly $4 billion in the first quarter of 2016, and was largely unchanged year-over-year. The number of buildings sold dropped by 33 percent to 272 and transaction volume fell by 24 percent to 172.

Although citywide multifamily sales grossed $7.9 billion in the final quarter of 2015, sales were up significantly this quarter, after excluding Blackstone Group and Ivanhoe Cambridge’s purchase of Stuyvesant Town – Peter Cooper Village in December.

Manhattan saw 40 multifamily sales through 29 transactions, down from 48 sales and 92 transactions during the same period last year. Dollar rose 16 percent to $1.8 billion, boosted by four transactions that closed for over $200 million. Notable sales in the first quarter include Madison Realty Capital and USAA Real Estate’s purchase of the Buchanan for $270 million and the $201 million sale of the Riverton housing complex in East Harlem to A&E Real Estate Holdings.

In Brooklyn, Akelius Real Estate Management paid $56.5 million for the Mohawk Apartments, a 86-unit multifamily complex. The deal helped bring Brooklyn’s dollar volume to $766 million in the first three months. While sales were down across the board over the prior quarter, Brooklyn saw a large boost in sales over last year. Dollar volume rose 62 percent, while building and transaction volume, at 62 and 50 respectively, saw more minor changes.

The Queens multifamily market saw some year-over-year improvements, including a 34 percent increase in dollar volume, which brought sales up to $335.9 million in the first quarter of 2016. With 24 building sales and 20 transactions, sales were down 49 percent and 13 percent respectively from the same period last year. Nearly half of the borough’s buildings volume came from two big sales in January. Weiss Realty acquired a 130-unit multifamily at 41-17 Crescent Street for $97 million and Pinnacle Group paid $43 million for a 145-unit rental at 142-20 Franklin Avenue.

More than a third of all multifamily transaction across the city were in the Bronx. The borough had 100 buildings trade in 45 transactions. Dollar volume reached $470.2 million and sales improved in all areas year-over-year. In February, Black Spruce Management sold a rent-regulated building at 155 Sheridan Avenue for $35 million, the borough’s priciest sale for the quarter.

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

(Credit: iStock)

Stimulus deal buoys real estate stocks, but coronavirus maintains its grip

The Plaza Hotel, Sofitel New York at 45 West 44th Street and Le Bernardin at 155 West 51st Street (Credit: Yarl via Wikipedia Commons, Sofitel and Le Bernadin)

Mass layoffs claim jobs at the Plaza, Sofitel and Le Bernardin

Knotel CEO Amol Sarva 

Another huge round of layoffs for Knotel

The coronavirus could spark the conversion of New York’s office buildings into residential buildings

Could NY’s work from home moment fuel office-to-residential conversions?

Representative Kevin McCarthy and US Speaker of the House Nancy Pelosi show the $2 trillion stimulus bill (Credit: ALEX EDELMAN/AFP via Getty Images)

House passes $2 trillion stimulus package