The Real Deal New York

NYC multifamily sales hit 8-month high in November

Sales rose to $1.7B from $760M in October
By Chava Gourarie | January 13, 2017 06:41PM

Credit: Ariel Property Advisors

The New York City multifamily market reached an eight-month high in November, with six large transactions—priced at $100 million or above—accounting for 77 percent of the month’s activity.

Overall, New York City saw 34 transactions totaling $1.68 billion in November, up from $760 million in October. That’s according to a new multifamily report from Ariel Property Advisors.

Manhattan saw with 12 multifamily sales consisting of 16 buildings totaling $1.1 billion, the biggest of them being Blackstone Group’s acquisition of Kips Bay Court for $620 million, or $687,361 per unit.

In Northern Manhattan, four multifamily sales in Washington Heights brought the total dollar volume to $122.4 million, more than double the dollar volume in October. A 31-unit walk-up building at 643 West 171st Street, for example, sold for $9.9 million, or $317,742 per unit.

In Brooklyn, 12 properties traded hands in seven transactions that totaled $103.73 million. In Williamsburg, for example, Trinity Place Holdings and Pacolet Milliken Enterprises paid $68.8 million,or $724,211 per unit, for a 95-unit building at 223 North 8th Street.

The Bronx saw eight transactions in November, totaling $80.99 million. In Fieldston, a 44-unit walk-up building at 6211 Broadway sold for $9.5 million, for a per-unit price of $215,909.

Queens came in second for dollar volume, with a total of $276.5 million, a 389 percent jump from October, driven by just three transactions. Of those, the largest was the purchase by A&E Real Estate Holdings TRData LogoTINY and Benedict Realty Group of a 495-unit, 10-building Queens portfolio. The portfolio traded for $130 million or $262,626 per unit. The second-largest transaction was Sentry Operating Corp.’s purchase of 90-02 Queens Boulevard and 87-28 58th Avenue in Elmhurst for $125 million. The 145-unit mixed-use elevator building includes a five-story parking garage and 120,000 square feet of retail and community space.

The second half of 2016 saw fewer transactions but greater dollar volume than the first half, with 51 transactions per month in the six months ending in November, and an average monthly dollar volume of $1.1 billion, the report states.