The Queens investment sales market saw fewer buyers and dollars in the first half of 2016 year-over-year, according to the latest mid-year report from Ariel Property Advisors.
Sales from 451 properties and 327 transactions totaled $2 billion in the first six months. Dollar volume dropped 4 percent year-over year and the number of property sales was down 10 percent.
The multifamily market fared stronger than any other property types, with gains in dollar and transactional volumes, and only a slight dip in the number of sales compared to the same period last year. Similar to Manhattan, fewer multifamily buildings traded, but the price buyers were willing to pay increased.
Multifamily building sales accounted for $810 million in total sales, a 33 percent jump since the first half of 2015, and the largest year-over-year increase in dollar volume compared to other assets.
In contrast, more commercial and hotel properties sold at a lower price compared to the last quarter and year-over-year. Commercial sales from 76 properties brought in $282 million, a 17 percent drop in dollar volume from the first half of 2015. In one of of the borough’s top commercial deals so far this Kaufman Astoria Studios bought an entertainment complex for $45 million.
Development sites and industrial buildings brought in $813.7 million in sales, up 10 percent year-over-year. Like the multifamily sector, development sites saw a boost in the price buyers paid, although there were a fewer number of sales.
The Related Companies and GreenOak Real Estate made two major deals to buy a pair of industrial buildings for office conversion at 21-09 Borden Avenue for $60 million and 21-02 49th Avenue for $47.5 million. However, existing office building sales had the largest year-over-year decline, with dollar volume down 81 percent to $39.3 million.