NYC multifamily market dropped 34% in Oct. dollar volume

Sales fell to $760M from $1.2B month-over-month
By Chava Gourarie | December 16, 2016 06:10PM

(Credit: Ariel Property Advisors)

The New York City multifamily market declined slightly in October after a strong showing in September, with Manhattan bucking a downward trend. In total, October saw 52 buildings trade hands in 42 transactions, totaling $760 million, according to the latest monthly report from Ariel Property Advisors.

That’s down 34 percent in dollar volume and 37 percent in building volume from September, when 83 buildings sold for a total of $1.2 billion.

Manhattan captured more than two-thirds of the dollar volume, with 14 multifamily buildings selling for a total of $547 million. The largest transaction was the sale of Brewster, a 155-unit mixed-use building oat 21 West 86th Street, for $172.5 million to David Bistricer’s Clipper Equity TRData LogoTINY. In addition to the institutional buys, Manhattan saw a slew of smaller trades, including the sale of 34 Saint Marks Place in the East village for $8.3 million.

Northern Manhattan saw double as much dollar volume in October than in September, with a total of $55 million in six transactions. Investment firm Steeplechase Design picked up a 38-unit mixed-use building at 530 West 136th Street in Hamilton Heights for $14.5 million.

In Brooklyn, 15 multifamily properties traded hands in 11 transactions for $89.4 million. The $52 million sale of a 64-unit building at 341 Eastern Parkway in Crown Heights comprised the bulk of that.

The Bronx saw $56 million in multifamily sales across 14 buildings. A 60-unit Woodlawn building at 4345 Webster Avenue sold for $14.5 million, for example.

Queens saw just two transactions totaling $13 million. In Long Island City, a 40-unit walk-up at 29-15 36th Avenue sold for $10 million, or $317 per square foot.