Institutional sales drove big gains in the New York City multi-family market in September, as the dollar volume of transactions climbed 71 percent year-over-year, according to a monthly report from Ariel Property Advisors.
There were 53 deals comprised of 110 buildings totaling about $657 million in September. The number of deals rose a mere 6 percent from 50 sales in September 2012, but the total value nearly doubled from $384.6 million.
In August, there were 59 deals citywide, as previously reported. Manhattan topped the other boroughs, with 14 deals for 43 buildings totaling $323 million. Among the major trades was a portfolio of seven neighboring Third Avenue buildings in Kips Bay that sold for $71.5 million, or $772 per square foot.
Brooklyn wasn’t far behind, with 13 deals for 20 properties totaling $121.7 million. The flagship deal in September was JDS Development and Property Markets Group parting ways with 202 8th Street in Gowanus for $37.75 million, or $669 per square foot, as The Real Deal reported.
“Multi-family dollar volume remained strong in September, reflecting the significant number of institutional portfolio sales that took place during the month,” Shimon Shkury of Ariel Property Advisors said in a statement. “Additionally, we saw solid pricing metrics across all submarkets, particularly in Queens.” — Mark Maurer