NYC multifamily sales hit $895M in November

Dollar volume rebounds after a sluggish October

Ariel Property Advisors
(credit: Ariel Property Advisors)

The multifamily market recovered slightly in November after sluggish sales in the prior month. Sales from 75 multifamily buildings and 52 transactions across New York City grossed $894.9 million during one of the final months of the year, according to the latest report from Ariel Property Advisors.

Dollar volume rose 9 percent from October 2015 and a more impressive 47 percent year-over-year. November’s figures, combined with the sale of massive Manhattan complex Stuyvesant Town-Peter Cooper Village, will be a helpful boost to the year-end totals.

Despite an increase in overall dollar volume, building and transaction volumes slipped 14 and 2 percent respectively from October’s figures. Year-over-year changes were also down.

Manhattan saw the most positive gains in dollar and building volumes compared to the other boroughs. The area had 23 sales from 15 transactions, totaling $573.3 million. Dollar volume more than doubled from the previous month and year-over-year, accounting for 64 percent of all sales in New York City.

Slate Property Group and GreenOak Real Estate closed on the borough’s largest multifamily deal of the month. The joint venture paid $390 million for the RiverTower, equating to $944 per square foot.

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Brooklyn also had a solid month, with 23 sales totaling $139.5 million in November. Although dollar volume was down 40 percent from October, it rose 24 percent over the same period last year. Building volume remained unchanged, while the number of transactions was up to 14.

Black Spruce Management purchased two rental buildings in Sheepshead Bay for a combined $39 million, which was the borough’s largest transaction for the month.

In the Bronx and Queens, the multifamily sales market was less active. Queens saw only five sales grossing $56.6 million. Sales slipped 29 percent and 16 percent respectively compared to October. The borough’s priciest sale was a 44-unit mixed unit building at 10-71 Cypress Avenue in Ridgewood, which sold for $10.6 million, or $365 per square foot.

The Bronx had 14 sales totaling $60.3 million for the month, including the $21.7 million sale of 1514 Sedgwick Avenue in Highbridge. Dollar volume tumbled 66 percent from October and 47 percent year-over-year. Building volume was also own 46 percent from the previous month and over 50 percent from the same time in 2014.