New York City multifamily month in review - January

January statistics are in and for the month there were 28 transactions that consisted of 47 buildings and $188.737 million in gross consideration. Brooklyn had the highest number of transactions (8) in which 14 buildings sold and second highest dollar volume with $43 million in transactions. Manhattan led in dollar volume with $69.35 million in gross consideration trading. Northern Manhattan showed only 5 multifamily assets trade for $39.547 million in sales, but showed the 17 buildings trade, the highest of any area in the city. Several notable sales took place. The largest sale of January was the $48 million sale of 101 West 87th Street. The former condominium conversion represented $362 per s/f and $516,000 per unit. Upper Manhattan and The Bronx saw a $22.25 million portfolio sale. The properties consisted of 239 units and 25 stores primarily located in Washington Heights and the South Bronx. The sale price represented $105 per s/f. The Flatbush area of Brooklyn had a particularly active month with over $20 million in sales over 4 transactions, which ranged from $80 to $130 per s/f. Long Island city also saw three transactions totaling $12.95 million and averaged about $200 per s/f. As has been the case in the Bronx, the four transactions recorded averaged $75 per s/f and $72,000 per unit. January sales were generally in line with recent indicators pointing to a steady market. We expect transaction volume to continue to pick up over the course of the year. Shimon Shkury is the president of Ariel Property Advisors, New York, N.Y.