NYC multifamily sales hold steady at $3.3B in Q2

Dollar volume rose 74% compared to the same period last year

Ariel Property Advisors Q2 2015
Second-quarter 2015 multifamily sales (credit: Ariel Property Advisors)

Multifamily sales in New York City hovered above $3 billion for the second straight quarter, bringing the year-to-date dollar volume to $6.6 billion.

Although sales remained relatively flat from a strong first quarter, sales were up across the board for dollar, transaction and building volume compared to the same period last year.

The city’s dollar volume increased 74 percent from the second quarter of 2014, and the number of transactions rose 33 percent to 225. A total of 364 multifamily buildings sold, a 12 percent increase from last year’s second quarter.

Kusher Cos. and LIVWRK shelled out $275 million for a 374,274-square-foot luxury rental building at 184 Kent Avenue. The Williamsburg purchase was the borough’s largest for the quarter.

Brooklyn multifamily sales surpassed Manhattan in dollar volume. The borough had $1.13 billion in sales, and 110 building traded across 69 transactions.

Swedish investment firm Akelius Real Estate Management paid $167.5 million for a 211-unit building at 362-372 Second Avenue.

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The purchase helped bring Manhattan’s total sales to $1.12 billion, a 89 percent increase year-over-year. The borough had 77 buildings trade in 49 transactions.

Sales in the Bronx rose from the prior quarter and year-over-year. Dollar volume reached $420.9 million, up 73 percent from the second quarter of 2014.

Azure Partners had the borough’s largest sale for the quarter. The Brooklyn-based investor purchased the 423,000-square-foot building at 1749 Grand Concourse for $49.5 million, or $178,000 per unit.

The area saw 79 buildings trade across 52 deals.

The largest sales in Queens for the quarter include the $72 million deal for 11-15 Broadway and 20-50 21st Street in Astoria, and JRC Management’s $27.5 million purchase of 43-31 45th Street in Sunnyside. The trades pushed the borough’s multifamily sales to $175 million.