The number of multifamily investment sales across New York City picked up in May after a slow April, according to the latest report from Ariel Property Advisors. Even so, dollar volume fell just under $1.2 billion, down 11 percent from an adjusted rate of $1.3 billion in the prior month.
The city saw 100 total sales and 59 transactions in May, a 24 percent and 14 percent jump, respectively over the same period last year. Brooklyn, Queens and Northern Manhattan accounted for most of the city’s sales. The Iskander family’s sale of a nine-building portfolio in Washington Heights for $165 million was the month’s priciest closed deal.
The Manhattan multifamily market saw a boost in building volume while dollar volume took a downturn from April. It had 39 building sales in May, up from 21 in the previous month and year-over-year. Meanwhile, sales totaled $492.8 million — a 41 percent decrease from the previous month. Black Spruce Management , breaking into the Chelsea multifamily market, purchased a 13-building portfolio in the neighborhood for $80 million and was Manhattan’s priciest deal in May.
Unlike Manhattan, Brooklyn had an increase in sales activity across all metrics. Dollar volume totaled $295.8 million, a 52 percent increase over the prior month and building volume rose from 21 to 34 in May. Propelling the borough’s sales, Muss Development and Bedrock Real Estate Partners partnered to buy a a 118-unit rental building in Clinton Hill for $67 million.
Queens’ multifamily market saw the largest month-over-month growth in sales. With 13 buildings traded grossing $92.5 million, building and dollar volume rose 333 percent and 1042 percent, respectively. Transaction volume was also up from two in April to seven in May. Notable sales include 23-35 29th Avenue in Astoria, which traded hands for $7.2 million or nearly $650 per square foot.
Sales activity in the Bronx slowed across the board. Building was down from 32 in April to just 6 in May and dollar volume took a dip from $174.6 million to $24.5 million. Transaction was down in half from 12 in the prior month to just six.