NYC multifamily market dropped 34% in Oct. dollar volume

Sales fell to $760M from $1.2B month-over-month

Dec.December 16, 2016 06:10 PM

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.

Related Articles

Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

Daniel Goldstein of E&M Management

Multifamily landlord runs for mayor in Nassau County

201 West 92nd Street and 78 Riverside Drive (Credit: Google Maps)

Acuity Capital lands $324M refi on 28-building multifamily portfolio

185 S. Fourth St. and Largo co-founder Nicholas Werner (Credit: Google Maps)

Largo buys another Williamsburg rental building for $32M

Partnership for New York City CEO Kathryn Wylde, Dan Garodnick and Slate Property Group's David Schwartz (Credit: Getty Images)

Real estate pros call tenant takeover bill flawed

The total dollar value of deals in 2019 dropped 40 percent from the year before to $6.91 billion (Credit: Unsplash)

Multifamily market had its worst year since 2011