Brooklyn Multi-Family Outperforms in August
Al Barbarino Oct. 17, 2013, 8 a.m.
Though the overall New York City multifamily market took a “modest breather” in August, a new report from Ariel Property Advisors shows that Brooklyn saw an increase in transactions on both a month-to-month and year-over-year basis.
The borough’s 16 transactions comprised of 24 buildings totaling $78.4 million – a 23 percent year-over-year increase in transaction volume, a 54 percent increase in dollar volume, according to the Multifamily Month in Review report for August.
Meanwhile, the city as a whole posted 59 transactions, which was a three percent year-over-year decline. The dollar volume of those trades fell 23 percent to $456.8 million, from $594 million.
August sales figures also were lower compared to the prior month of July, which saw particularly heavy dollar volume as a result of a single $600 million residential portfolio sale in Manhattan. Volume declined 12 percent, building volume declined 34 percent, and dollar volume fell 62 percent from the previous month.
In addition to Brooklyn, Northern Manhattan shined in terms of year-over-year dollar volume gains, increasing to $138 million in gross consideration trading among 10 transactions comprised of 15 buildings, compared with $51.5 million in August 2012.
Most of that dollar volume was driven by three institutional level sales above $20 million, the largest of which was the $48 million sale of a two-building package at 2 Ellwood Street and 64 Hillside Avenue.