NYC multifamily prices soared in April even as sales fell

Dollar volume jumps to $1.2 billion
By Kyna Doles | June 15, 2016 07:30AM

Ariel Property Advisors

(credit: Ariel Property Advisors)

New York City’s multifamily market continued to see rising dollar volume even amid declining trades, according to the latest report from Ariel Property Advisors.

The city grossed $1.22 billion in sales in April from 84 multifamily buildings and 46 transactions. Dollar volume jumped 15 percent year-over-year, while transaction and building volume decreased 32 percent and 26 percent, respectively.

DTH Capital and Metro Loft Management’s sale of 63 and 65 Wall Street for a combined $430 million represented more than half of Manhattan’s total dollar volume for the month. The borough saw $752.8 million in sales from 19 buildings and 14 transactions. Sales slipped across the board from March, while building and transaction volumes were nearly identical to April 2015.

Brooklyn’s multifamily market saw a slowdown from the prior month and as well as the same period last year. Of the $192.3 million in total dollar volume from 20 buildings, the largest deal was the Jehovah’s Witnesses sale of a Brooklyn Heights building for $105 million.

Queens had the largest decline in multifamily sales during April. Three buildings across the borough sold for $19.4 million, down from 10 buildings and $51.7 million in sales in March. The largest of the two deals in the borough was the sale of 118-35 Metropolitan Avenue and 80-20 Broadway for $15.2 million.

Following a busy March, the Bronx’s multifamily market saw fewer sales in April. Dollar volume dipped to $161.9 million for the month, a 48 percent decline from the previous month. Family-owned Chestnut Holdings boosted the borough’s sales with the purchase of a 10-building portfolio totaling $46.6 million. The sale accounted for nearly a third of the Bronx’s total building volume in April.