Ariel Property Advisors’ recently released Multifamily Month In Review: September showed New York City's multifamily market maintained strong dollar volume amid fewer transactions in September as sales activity bounced back from a lackluster August.

Manhattan was the standard-bearer of dollar volume while Brooklyn had the most transactions.

For the month, New York City saw 50 transactions comprised of 83 buildings totaling $1.2B.

While this was a modest year-over-year decrease in terms of dollar and transaction volume, September 2016 building volume was up 32% and dollar volume was up 102% compared to August, which saw 48 transactions over 63 buildings for a total of $586M.

Manhattan's city-leading $618.8M in multifamily sales spanned 10 transactions of 25 buildings. Much of this activity was driven by the $421M sale of 63-67 Wall St, two attached rental buildings that combine for a total of 793 units spanning 704k SF.

On the Upper East Side, three adjacent mixed-use walk-up buildings at 1771-1775 First Ave sold for $22.8M, or $543k per unit.

Northern Manhattan did not follow the rest of the borough's suit and had a light month, with $22.3M in sales across only three transactions. While the past two months have been relatively slow in Northern Manhattan, the submarket is having a strong 2016 with $1.85B in sales so far this year. Of note this month: a 10-unit, walk-up multifamily building at 334 East 117th St in East Harlem that sold for $3.3M. That translates to $406/SF, or $330k per unit.

Brooklyn was not to be outdone and posted $312.5M in multifamily sales to accompany it's city-leading 22 transactions during September. It was a big jump from $225M worth of sales during the same month in 2015.

In Bedford-Stuyvesant, a portfolio of three, new construction walk-up buildings containing 29 units at 186-194 Herkimer St and 643 Madison St sold for $12.8M, or $670/SF.

The Bronx got in the game with 11 transactions totaling $178M in September, $158M more than in August. In Melrose, a 25-unit walk-up, mixed-use building at 295 East 149th St sold for $5.2M or $301/SF. In Kingsbridge Heights, a 33-unit walk-up building at 2101 Grand Ave traded for $6.85M or $213/SF.

Queens saw 131 units trade across four transactions for a haul of $52.7M. A&E Real Estate purchased a 60-unit, walk-up building at 37-33 Lawrence St in Flushing for $14.3M ($331/SF, or $238k per unit). A 16-unit walk-up building in Jackson Heights, at 35-52 94th St, sold for $3.6M, or $282/SF.

For the six months ending in September, the average monthly transaction volume across the city decreased slightly to 57 transactions a month. The average monthly dollar volume also went down slightly, to a little more than $1B.

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