Ariel Property Advisors releases July Multifamily Month in Review: New York City

N.Y.C. multifamily sales held steady in the month of July with 37 transactions consisting of 49 buildings and more than $636.74 million in gross consideration, according to Ariel Property Advisors' Multifamily Month in Review: New York City. Brooklyn had the highest number of total transactions while Manhattan below 96th St. led the city in gross sales. The report breaks down monthly multifamily activity into five broad areas of the city—Manhattan below 96th St.; Northern Manhattan; Brooklyn; the Bronx; and Queens—and includes the following highlights. Manhattan below 96th St.: Led by 606 First Ave., a 35 story, mixed-use building with 706 residential units that sold for $443 million or $530 per s/f, Manhattan below 96th St. saw the highest dollar volume in July with $515 million in gross sales. Manhattan below 96th St. was second in number of transactions, but was first in number of buildings traded at 17. Other notable sales in­cluded 96 East 7th St., a $4.2 million transaction that came in at $542 per s/f and $381,000 per unit; 450-52 Amsterdam Ave. which sold for $437 per s/f and $405,000 per unit; and 338-46 West 47th St., a 42 unit residential building that traded for $384 per s/f. Brooklyn: Brooklyn had an active month of multifamily sales with 14 buildings over 12 transactions worth $44.562 million in gross consideration. The average price per s/f came in at $156 and the average price per unit was just under $134,000. The most interesting of these trades was 2985 Ocean Parkway which sold for $5.15 million. The price is considerably high for such a property, reflecting trust in the market. It repre­sents $151 per s/f and over $132,000 per unit. The Bronx: The Bronx continues to see a consistent flow of activity for multifamily properties, with nine multifamily transactions taking place in July totaling $26 million in gross consideration. The vast majority of these sales took place in the North-Central Bronx neighborhoods of Norwood, Bedford Park and Belmont where seven transactions occurred. July's average price per unit of $75,000 and the average price per s/f of $82 are higher than figures seen last year and seem to indicate an upward pricing trend. Gross rent multiples for the month came in at 6.5 and cap rates hovered around 8.5% for the month. Northern Manhattan: Sales activity in Northern Manhattan remained relatively light in July as only three transactions totaling $36.4 million in gross consideration sold. One of these was 422 St. Nicholas Ave., a 10-unit residential building Ariel Property Advisors sold for $1.81 million. The sale consisted of eight free market units and two rent controlled apartments operating at significantly low levels. The sale repre­sented $181,000 per unit. Queens: Queens continues to lag behind other sub markets in terms of multi­family sales. July saw only three trades totaling $14.71 million. One notable sale was 83-05 34th Ave. for $2.3 million, which translates to $175 per s/f and $143,750 per unit. The 75' wide, 16 unit residential building was approxi­mately 13,179 s/f. For copies of the Multifamily Month in Review: New York City, please visit http://arielpa.com/research/reports/. For more information, please contact Shimon Shkury at 212-544-9500, ext. 11, or [email protected].