Multi-family deals up in NYC
Northern Manhattan, Brooklyn see city's largest price gains
Both the number of deals and the dollar-volume in New York City’s multi-family market rose in 2013 — despite a slip in citywide transaction volume and falling numbers in Manhattan.
The number of buildings sold increased 19 percent year-over-year to 1,230 in 2013 from 1,035 in 2012. Meanwhile, dollar volume nudged up 4 percent to $8.87 billion in 2013 from $8.56 in 2012, according to Ariel Property Advisors’ Multi-family Year in Review report. Citywide, transaction volume saw a 3 percent year-over-year slip to 675 from 698.
Northern Manhattan and Brooklyn enjoyed the city’s largest price gains, with Northern Manhattan hitting a multi-family dollar volume of $1.6 billion — more than double 2012’s $789,500. The area saw a total of 116 transactions comprised of 312 buildings, down 7 percent from 125 transactions comprised of 192 buildings in 2012. Brooklyn dollar volume came in at $1.2 billion for the year, an 18 percent year-over-year increase from $1.02 billion in 2012. A total of 189 transactions comprised of 269 buildings changed hands in the Kings’ borough, up slightly from 186 transactions made up of 268 buildings last year.
Queens had the year’s biggest year-over-year jump, up 214 percent to $1.08 billion in multi-family dollar volume from last year’s $346,400. The borough’s 70 transactions were comprised of 133 buildings, including the sale of 41-23 Crescent Street in Astoria for $688 per square foot and 3-050 21st Street and 11-15 Broadway for $443 per square foot.
Manhattan took a few tumbles in 2013, with with transactions declining 28 percent to 144 in 2013 from 199 in 2012 . Building volume also fell off, down 14 percent to 252 from 294, with dollar volume tumbling 28 percent to $3.897 billion in 2013 from $5.43 billion in 2012.
“While Manhattan saw a dip in its multi-family volume, multi-family sales in the other submarkets surged as did their pricing, suggesting that some investors typically focused only on Manhattan are now exploring less expensive offerings elsewhere in the city,” Shimon Shkury, president of Ariel Property Advisors, said in a release from the firm. — Julie Strickland