Despite a cooldown in the number of transactions, the New York City multifamily sales market maintained a strong dollar volume in July, according to a recent report from Ariel Property Advisors.
The healthy revenue flow was driven by Northern Manhattan and the borough's overall performance performance, while Brooklyn and The Bronx set the pace for number of transactions.
In July, New York City as a whole saw 59 transactions comprising 109 buildings totaling $1.1B in gross consideration. This represents a 6% decrease in dollar volume, a 16% decrease in transaction volume and a 23% decline in building volume compared to July 2015, which saw $1.2B in gross consideration, across 70 transactions comprised of 142 buildings.
Northern Manhattan's $453M in sales led the entire city in dollar volume. Much of this activity stems from the sale of Savoy Park. Additionally, in Hamilton Heights, a 21-unit walk-up building at 584-586 West 152nd St sold for $6.66M, or $351/SF. Inwood saw a package of three multifamily buildings containing 69 units sell for $15.4M, which translates to $281/SF and $223k per unit.
Manhattan saw 10 transactions across 25 buildings totaling $250M in gross consideration. Crest Realty purchased a 38-unit, 43k SF elevator multifamily building at 118 East 93rd St on the Upper East Side for $38.5M, or $898/SF.
Brooklyn saw $198M in multifamily sales during July. One notable sale took place at 24-30 Rogers Ave, a 40-unit walk-up building in Crown Heights, for $14.2M, a value that represents a relatively high price per SF of $716.
In Bushwick, a 28-unit walk-up building at 255-263 Linden St sold for $9.3M, or $353/SF.
Situated north of the leading sector of the city, The Bronx saw 15 transactions totaling $113.4M in July. While this represents a modest increase across the board compared to June figures, it falls short of the $280M in gross consideration seen this time last year. A 53-unit walk-up building at 2715 Webb Ave in Kingsbridge sold for $8.6M, or $171 per SF, which reportedly translates to a cap rate of 4.35%.
An additional noteworthy sale includes 1085 Nelson Ave in Highbridge, a 48-unit elevator building that traded for $8M, or $190 per SF.
Queens might not have led the charge in mid-summer, but it certainly housed some activity. The borough was headlined by eight transactions predominantly consisting of properties under $10M.
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