The Bronx & Brooklyn Boost October 2015 Multifamily Transactions in NYC
Though Brooklyn and especially the Bronx saw notable sales increases during October 2015, New York City’s multifamily sales volume overall took a breather in October.
For the month, New York City saw 51 transactions comprised of 85 buildings totaling $782,662,000 in gross consideration. This represents a 27% decrease in transaction volume, a 28% decrease in building volume and a 58% decrease in dollar volume compared to October 2014, which saw 70 transactions comprised of 118 buildings totaling $1,863,000,000 in gross consideration.
Brooklyn led all submarkets in October with 23 buildings trading across 12 transactions totaling $231,958,000 in gross consideration—a 23% increase compared to October 2014. The Bronx had an impressive month as it experienced a year-over-year spike of 132% in dollar volume with $167,290,000 in gross consideration.
“While the multifamily market got off to a slower 4Q start in October, we believe this results from the lack of supply, not demand,” said Shimon Shkury, president of Ariel Property Advisors, shown with developer Morris Platt. “Pricing remains very healthy for property owners and we’re expecting a strong finish to the year on several fronts.”