New York City’s multifamily market didn’t fare quite as well in July as it did in June, but it remained markedly stronger than it was at the beginning of 2017, with Manhattan in particular having its best month of the year.
There were 39 multifamily transactions across 69 buildings throughout July for a total of just over $630 million, according to a new report from Ariel Property Advisors. These numbers were lower than the ones from June, with transaction volume falling by 15 percent, building volume falling by 33 percent and dollar volume falling by 18 percent.
However, July’s numbers were much higher compared to January through April, when the average number of monthly transactions was just 34 and the average monthly growth consideration was just over $450 million. July’s dollar volume and transaction volume rose by 40 and 15 percent, respectively, compared to these numbers, according to the Ariel report.
Manhattan had its best month of the year, with about $280 million in gross consideration across 11 transactions in July. Three of these were for more than $50 million, including the largest sale of the month: a 78-unit elevator building at 331 East Houston Street that sold for $61.5 million.
Compared to July 2016, however, Manhattan’s dollar volume dropped by 19 percent, and transaction volume dropped by 8 percent, the report said.
Things were much quieter in Northern Manhattan, where there were only five multifamily transactions across six buildings. The largest sale was Sugar Hill Capital Partners’ $41 million purchase of a 95-unit elevator building at 200 Haven Avenue. Overall dollar volume was at roughly $91 million.
The Bronx was the only submarket in New York to see month-over-month improvement in July, although July was still only the second-highest month for the borough in terms of dollar volume. The city’s northernmost borough saw 12 transactions across 34 buildings totaling about $144 million. The largest sale was a 232-unit package across eight buildings that Paradise Management sold for $34.7 million.
Brooklyn had a rougher July, seeing just half as much dollar volume and one-third fewer transactions than it did in June. There were 10 transactions across 13 buildings in the borough for about $106 million, including the sale of 97 Grand Avenue in Clinton Hill to Madison Realty Capital for roughly $35 million.
But Brooklyn still fared better than Queens, where the multifamily market in July was virtually nonexistent. Only one sale occurred: a two-building portfolio at 43-35 and 43-39 42nd Street in Sunnyside that sold for just under $9 million.