Multifamily Quarter In Review:
New York City | Q1 2015
Released April 2015 | By Ariel Property Advisors
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About The Report
Ariel Property Advisors is pleased to present its Multifamily Quarter In Review: New York City | Q1 2015. The
report is a modified version of our Multifamily Month In Review: New York City, which provides a monthly overview of market activity, benchmark transactions, revenue and expense trends, and current events that affect the
multifamily real estate market.
The Multifamily Month In Review is distributed to our clients on a monthly basis. Past versions of the Multifamily
Month In Review can be found at http://arielpa.com/research/reports/.
Ariel Property Advisors | 122 East 42nd Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com |
2
Multifamily Quarter In Review: New York City | Q1 2015
Table Of Contents
4
5
6
7
8
9
10
New York City Multifamily Quarter In Review
Multifamily Market Performance By Sub-Market
Trailing Six Month Analysis: Introduction
Trailing Six Month Performance Comparison
Transaction & Dollar Volume Trailing Analysis
Macro-Economic Overview & Market Fundamentals
NYC Sub-Market Overview
Manhattan | N. Manhattan | The Bronx | Brooklyn | Queens
15
16
About Ariel Property Advisors
Sample Listing Activity By Ariel Property Advisors
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Multifamily Quarter In Review: New York City | Q1 2015
After a sluggish January and February, the NYC Multifamily sales market gathered significant steam in March. In all, the quarter was on par with the robust fourth quarter of 2014,
totaling over $3 billion in sales. Activity was strong across all regions, with Brooklyn in
particular standing out for its strong dollar volume.
For the 1Q15, New York City saw 208 transactions comprised of 338 buildings totaling
$3.324 billion in gross consideration. This represents a 7% increase in transaction volume,
a 13% decrease in building volume and a 6% increase in dollar volume compared to 1Q14,
which saw 194 transactions comprised of 387 buildings totaling $3.130 billion in gross
consideration.
Pricing continued to advance year-over-year, as the average Manhattan price per square
foot approaches $900, and cap rates in Northern Manhatta, Brooklyn, and Queens sit below 5%, with Manhattan below 4%. On a more general level, the median multifamily sales
price across all of NYC for the last six months was $6.4 million, compared to $5.4 million
in the same 6-month period a year ago.
Manhattan: While Manhattan’s fourth quarter was buoyed by a handful of large sales, this
past quarter was on par in terms of transaction activity, and easily surpassed the activity
seen in the first quarter a year ago. For the quarter, the borough saw 42 trades across 69
buildings, totaling $1.333 billion in gross consideration, a 24%, 44%, and 9% increase over
last year’s totals, respectively. One of the notable sales was a 5-building package that
sold for over $1,500 per foot in NoLiTa on Elizabeth Street, one of the city’s most quickly
appreciating areas.
Brooklyn:Two massive Brooklyn portfolios in East Flatbush and Brighton Beach drove
the borough’s strong quarter, which saw 114 buildings trade, among 63 transactions and
$1.079 billion in dollar volume. Dollar volume for the quarter almost doubled that of the
4Q14, and was 48% higher than the first quarter of last year. In Crown Heights, 494 Sterling Place sold for almost $800 per foot, and over $600,000 per unit.
Northern Manhattan: Northern Manhattan was relatively stable quarter-to-quarter, with a
strong uptick year-over-year. For the quarter, the borough saw 34 trades across 50 buildings and just over $400 million in gross consideration. Compared to last year, these figures were up 21%, 22%, and 53%, respectively. Multifamily price per foot surpassed $300
in the region this quarter, an all-time high. A sign of the region’s potential, two mixed-use
buildings on 125th and Broadway closed for $533 per square foot.
The Bronx: The first quarter brought mixed results for The Bronx, showing strong transaction and dollar volume compared to last quarter, but down from a big 1Q2014. The
borough in total saw 49 sales across 69 buildings, and $340.240 million in gross consideration. Pricing in the borough continues to climb, reaching $135 per square foot in the
last six months. The largest sale in the borough took place at 2001 Story Avenue in Castle
Hill, for $66 million, or $156 per foot.
Q1 2015 Snapshot
Dollar
Volume
Transaction
Volume
Building
Volume
$3.32
208
338
6% increase
compared to
Q1 2014
7% increase
compared to
Q1 2014
13% decrease
compared to
Q1 2014
billion
Methodology:
The multifamily transactions included in the analysis
occurred at a minimum sales price of $1 million,
with a minimum gross area of 5,000 square feet and
with a minimum of 10 units.
Types Of Transactions Considered:
Transactions in which there was a transfer of ownership and deed document recorded on ACRIS were
considered. This report does not include partial
interest in ownership transactions.
Location Definitions:
Manhattan - south of E. 96th Street and south of W.
110th Street
Northern Manhattan - north of E. 96th Street, north
of W. 110th Street
The Bronx - Bronx Borough
Brooklyn - Brooklyn Borough
Queens - Queens Borough
Queens: Queens made a fair amount of noise this quarter, despite paling in comparison
to the first quarter of 2014. The 20 transactions, 37 buildings, and $169.237 million in
gross consideration which traded represent quarter-to-quarter increases of 54%, 76%,
and 21%, respectively. An Astoria portfolio purchased by Kushner Companies in January
was the largest sale of the quarter, at $51 million, or $401 per square foot.
Shimon Shkury
Mike A. Tortorici
Victor Sozio
President
212.544.9500 x.11
[email protected]
Executive VP- Sales Operations
212.544.9500 x.13
[email protected]
Executive VP - Brokerage Services
212.544.9500 x.12
[email protected]
Ariel Property Advisors | 122 East 42nd Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com |
4
Multifamily Quarter In Review: New York City | Q1 2015
Multifamily Market Performance By Sub-Market
The Bronx
N. Manhattan
Manhattan
Metrics
Q1 2015
% Change
vs. Q4 2014
Q4 2014
% Change
vs. Q1 2014
Transaction Vol
42
-7%
45
24%
34
Building Vol
69
-4%
72
44%
48
Dollar Vol
$1,333,370,818
-50%
$2,647,286,295
9%
$1,220,708,000
Total Units
2,319
-63%
6,329
81%
1,283
34
-8%
37
21%
28
Transaction Vol
Building Vol
50
-23%
65
22%
41
Dollar Vol
$401,898,791
5%
$383,252,500
53%
$262,050,000
Total Units
1,499
-12%
1,702
26%
1,189
49
32%
37
2%
48
Transaction Vol
Building Vol
Legend
Q1 2014
68
-15%
80
-41%
116
Dollar Vol
$340,240,478
8%
$313,980,000
-46%
$630,037,182
Total Units
2,645
-6%
2,809
-52%
5,548
63
7%
59
2%
62
Manhattan
Northern Manhattan
The Bronx
Brooklyn
Queens
Dollar Volume
Comparison Graph
$5b
Brooklyn
$2b
Transaction Vol
Building Vol
114
16%
98
-14%
132
Dollar Vol
$1,079,873,514
87%
$577,875,814
48%
$728,465,000
Total Units
4,972
117%
2,288
22%
4,079
$1.75b
$1.5b
$1.25b
$1b
New York City
Queens
$750m
Transaction Vol
20
54%
13
-9%
22
Building Vol
37
76%
21
-26%
50
Dollar Vol
$169,237,135
21%
$139,702,893
-41%
$289,061,260
Total Units
633
34%
473
-70%
2,077
Transaction Vol
208
9%
191
7%
194
Building Vol
338
1%
336
-13%
387
Dollar Vol
$3,324,620,736
-18%
$4,062,097,502
6%
$3,130,321,442
Total Units
12,068
-11%
13,601
-15%
14,176
$500m
$250m
$0
2014
2013
2012
Building Volume
Comparison Graph
250
225
Dollar Volume Comparison
By Location
40%
12%
10%
32%
6%
Manhattan
Northern Manhattan
The Bronx
Brooklyn
Queens
Transaction Volume Comparison
By Location
40+12+10326x 20+15+203411x
20%
15%
20%
34%
11%
5 | Ariel Property Advisors | 122 East 42
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Manhattan
Northern Manhattan
The Bronx
Brooklyn
Queens
Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com
200
175
150
125
100
75
50
25
$0
2014
2013
2012
Trailing Six Month Analysis: Introduction
Trailing Six Month Analysis Methodology
Given the commercial real estate industry’s cyclical nature and relatively small number of sample properties that trade in any month
or quarter, Ariel Property Advisors developed the Trailing Six Month Analysis as a unique research tool for identifying multifamily sales
trends in New York City.
The Trailing Six Month Analysis includes charts for the most recent six month period that detail the average price per unit, average
price per square foot, average cap rate, average gross rent multiplier, and total transactions and prices for multifamily properties in
Manhattan (south of East 96th Street and south of West 110th Street), Northern Manhattan (north of East 96th Street, north of West
110th Street), The Bronx, Brooklyn, and Queens. Sales figures from neighborhoods that had transactions during the six month period
also are highlighted.
Trailing Six Month Performance: Oct 2014 - Mar 2015 vs. Oct 2013 - Mar 2014 Comparison
Pricing
Indicators
Oct 2014 - Mar 2015 Trailing Numbers
Location
Avg. $/Unit
Avg. $/SF
Manhattan
$638,763
$896
N. Manhattan
$264,312
$306
Avg. Cap Rate
Oct 2013 - Mar 2014 Trailing Numbers
Avg. GRM
Avg. $/Unit
Avg. $/SF
Avg. Cap Rate
Avg. GRM
3.76%
18.57
$764,487
$808
3.85%
17.48
4.36%
13.64
$229,333
$245
4.69%
12.19
Bronx
$114,823
$135
5.64%
9.06
$108,692
$118
6.87%
7.78
Brooklyn
$265,027
$311
4.95%
14.21
$230,667
$238
5.28%
11.67
Queens
$236,076
$280
4.00%
13.25
$188,716
$234
4.82%
12.88
Ariel Property Advisors | 122 East 42nd Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com |
6
Multifamily Quarter In Review: New York City | Q1 2015
Trailing Six Month Performance: Oct ’14 – Mar ‘15 vs. oct ‘13 – mar’14 Comparison
Oct 2014 - Mar 2015 Trailing Numbers
Location
/
Criteria
Total
Transactions
Total
Buildings
Traded
Total
Dollar
Value Traded
Median
Price
Total
Units
Traded
Median
Units /
Transaction
Oct 2013 - Mar 2014 Trailing Numbers
Total
Transactions
Total
Buildings
Traded
Total
Dollar
Value Traded
Median
Price
Total
Units
Traded
Median
Units /
Transaction
Manhattan
87
141
$3,980,657,113
$13,350,000
8,648
24
87
204
$3,133,713,400
$10,600,000
5,649
22
N. Manhattan
71
115
$785,151,291
$8,500,000
3,201
34
54
79
$520,937,254
$6,700,000
2,646
36
Bronx
86
148
$654,220,478
$3,450,000
5,454
31
103
202 $1,028,965,759
$4,050,000
9,276
44
Brooklyn
122
212
$1,657,749,328
$4,800,000
7,260
21
124
217
$1,177,001,027
$3,850,000
5,976
20
Queens
33
58
$308,940,028
$4,300,000
1,106
16
49
119
$893,600,557
$3,500,000
4,905
24
399
674
$7,386,718,238
25,669
26
417
821
$6,754,217,997
28,452
28
Summary
$6,375,000
$5,350,000
Trailing Six Month Performance: Deal Distribution By Transaction Count and Dollar Volume
By Dollar Volume
By Transaction Volume
Legend: $20mm+
| $5-20mm
| $1-5mm
35+59+6A 13+63+24A 533+62A 1236+52A 10+39+51A
86+14+0A 37+8+A55 4138+21A 6424+12A 55+3015A
Manhattan
N. Manhattan
Bronx
Brooklyn
Queens
35%
13%
5%
12%
10%
59%
63%
33%
36%
39%
6%
24%
62%
52%
51%
Manhattan
N. Manhattan
Bronx
Brooklyn
Queens
86%
37%
41%
64%
55%
14%
55%
38%
24%
30%
0%
8%
21%
12%
15%
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Transaction & Dollar Volume By Quarter |
The Trailing 6-Month Moving Average
Multifamily Transaction Timeline
Legend: Transaction Volume
| Dollar Volume
$2.25b
120
$1.75b
100
$1.25b
80
$750mm
60
$250mm
40
Oct
Trans Vol:
Dollar
Vol:
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015*
223
$3.62b
194
$3.13b
169
$1.90b
215
$3.66b
191
$4.06b
208
$3.32b
The Trailing 6-Month Moving Average
Legend: Transaction Volume
| Dollar Volume
The Trailing 6-Month Moving Average
Mar
Avg.
Avg.
Avg. Transaction Vol.
Vol. Transaction
Vol.
$1,125,703,000
70
75
Apr
$1,104,377,526
64
70
May
$982,214,410
63
$1.2b
65
Jun
$838,569,876
60
$1.1b
60
Jul
$887,324,796
64
$1b
55
Aug
$830,726,246
65
$950mm
50
Sep
$926,901,674
64
$900mm
45
Oct
$1,136,169,375
68
$850mm
40
Nov
$1,122,653,212
68
$800mm
35
Dec
$1,287,068,288
68
$750mm
30
Jan
$1,254,273,173
66
Mar 2014 - Mar 2015
85
$1.6b
$1.5b
80
$1.4b
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
$1.3b
6 Months
6 Months
Ended
Ended
2014
2015
Avg. Dollar
Vol.
Dollar
Feb
$1,238,125,142
66
Mar
$1,290,368,508
68
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8
Multifamily Quarter In Review: New York City | Q1 2015
Macro-Economic Overview: Unemployment | Financing | Revenue | Expenses
Unemployment:
Rental Market / Vacancy:
The first quarter of 2015 has continues the steady positive trend of
decreasing unemployment rates. After a slight uptick in January,
the New York City average now sits at 6.4%, while the state dropped
to 5.8%. This compared to 8.3% and 7.2% at the same time last year.
On a national level, the US economy added 126,000 jobs in March.
While still a very positive development, this ended a 12-month
stretch of gains above 200,000.
Manhattan rental vacancy rates increased slightly to 1.50% for the
first time since November. The lowest vacancy rate among Manhattan neighborhoods resides in Gramercy, owner of a 0.78% vacancy
rate. Brooklyn one- and two-bedroom apartments have experienced a steady rise over the last several months, reaching $2,608
per month and $3,386 per month, respectively. Over in Queens,
Long Island City is the most attractive neighborhood for renters,
fetching close to $4,000 per month for 2-bedrooms, compared to
$2,548 for the borough on average.
Unemployment Rate History | NYS (Seasonally Adjusted) & NYC (Not Seasonally Adjusted)
Manhattan Rental Vacancy Rates | Monthly Percentage Change
10%
1.46% 1.36% 1.17% 1.10% 1.25% 1.27% 1.42% 1.62% 1.73% 1.74% 1.60% 1.45% 1.50%
2.5%
7.5%
2%
1.5%
5%
1%
0.5%
2.5%
‘05
‘06
‘07
‘08
‘09
‘10
‘11
‘12
‘13
‘14
‘15
0%
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Source: NYS Dept Of Labor
Source: Citi Habitats
Financing:
Expenses:
The Fed announced a plan for increased interest rates over the
course of the year, but the plan has yet to make a dent in rates to
date. Rates for 30-year bonds actually dipped slightly in March
after rising in February, and now sit at 2.54%. 10-year and 5-year
notes followed the same trend to start 2015, and are at 2.61% and
1.44%, respectively. 1-year Treasury bills did increase slightly to
0.26%, from 0.22% in February and 0.18% in January.
The Mid-Atlantic March residential electricity rate increased slightly
to 15.36 cents per kilowatt hour (KWH). The New York State Energy
Research and Development Authority (NYSERDA) reported the March
price of No. 2 home heating at 300.9 cents per gallon, continuing a
steady decline in oil prices.
Treasury Yield Curve Rates | 30-year | 10-year | 5-year | 1-year
Residential Electricity Rates | Regional - Middle Atlantic (Cents / KWH)
17.5
6%
15
12.5
4%
‘07
‘08
‘09
‘10
‘11
‘12
‘13
‘14
‘15
Source: US EIA
2%
Home Heating Oil Prices | Monthly Average (cents per gallon)
500
0%
‘05
‘06
‘07
‘08
‘09
‘10
‘11
‘12
‘13
‘14
‘15
Source: US Treasury Dept.
400
300
200
100
‘07
‘08
‘09
‘10
‘11
‘12
‘13
‘14
‘15
Source: NYSERDA
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NYC Sub-Market Overview: Manhattan | Oct 2014 - Mar 2015
Highlighted Transactions 1Q 2015
Property
Name
1
The ESM Portfolio
Sale Month
Sale Price
$/SF
$/ Unit
Total
Buildings
Total
Total Units
Building SF
3/27/2015
$116,732,701
$933
$442,169
12
125,103
264
2/9/2015
$115,000,000
$437
$449,219
1
262,875
256
1/30/2015
$75,000,000
$804
$757,576
1
93,314
99
2
257-271 South St
3
308 E 38th St
4
260-268 Elizabeth Street
3/11/2015
$61,250,000
$1,586
$1,155,660
5
38,609
53
5
330 E 63rd St
2/10/2015
$58,000,000
$721
$630,435
1
80,402
92
Breakdown By Property Type
Property
Type
Elevatored Building
Total Dollar
Value Traded
$582,603,000
Total
Transactions
10
Total
Buildings Traded
11
Total Units
Traded
843
Average
$ / SF
$889
Average
$ / Unit
$963,804
Mixed-Use Building
$1,445,055,496
41
63
2,299
$906
$619,867
$188,351,000
21
29
436
$823
$436,925
Walk-Up Building
Breakdown By Neighborhood
Location
Alphabet City
Chelsea
Chinatown
Total Dollar
Value Traded
$69,200,000
Total
Transactions
5
Total
Buildings Traded
5
Total
Units Traded
132
Average
$ / SF
$791
Average
$ / Unit
$484,993
$217,250,000
7
10
271
$1,112
$711,838
$17,512,500
3
4
87
$498
$217,660
$646,600
Civic Center
$328,472,620
1
2
508
$433
East Village
$45,575,000
5
5
90
$1,010
$513,776
Financial District
$73,350,000
2
2
74
$727
$1,221,658
Flatiron
$38,900,000
2
2
52
$1,390
$846,875
Greenwich Village
$260,276,000
6
10
295
$1,160
$829,447
Hell's Kitchen
$302,200,000
6
10
458
$831
$635,313
Kips Bay
$102,053,000
6
8
186
$832
$569,564
Little Italy
$17,000,000
1
1
28
$1,090
$607,143
$450,835
Lower East Side
$157,852,675
6
7
370
$716
Midtown East
$1,232,440,000
3
9
4,232
$559
$510,235
Midtown West
$15,550,000
2
2
31
$835
$536,645
Murray Hill
$84,550,000
2
2
116
$824
$659,670
Nolita
$61,250,000
1
5
53
$1,586
$1,155,660
SoHo
$42,900,000
2
2
23
$1,574
$1,938,462
Sutton Place
$45,600,000
2
5
60
$1,185
$909,091
Turtle Bay
$42,295,000
3
4
71
$883
$613,971
Upper East Side
$506,307,701
14
28
833
$820
$537,916
Upper West Side
$98,975,000
3
10
198
$670
$433,414
*Please note numbers above do not include projections
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10
Multifamily Quarter In Review: New York City | Q1 2015
NYC Sub-Market Overview: Northern Manhattan | Oct 2014 - Mar 2015
Highlighted Transactions 1Q 2015
Property
Name
Sale Month
Sale Price
$/SF
$/ Unit
Total
Buildings
4101 & 4113 Broadway
3/16/2015
$42,000,000
$333
$318,182
50
2
2
225 Central Park N
1/22/2015
$33,000,000
$621
$568,966
50
1
58
3
98 Morningside Ave
3/17/2015
$21,634,275
$329
$450,714
50
1
48
4
567-569 W 125th St
1/30/2015
$11,595,000
$533
$483,125
50
1
24
5
2147 2nd Ave
3/17/2015
$7,500,000
$465
$441,176
50
1
17
1
Total
Total Units
Building SF
132
Breakdown By Property Type
Property
Type
Elevatored Building
Total Dollar
Value Traded
$128,176,275
Total
Transactions
9
Total
Buildings Traded
9
Total
Units Traded
421
Average
$ / SF
$315
Average
$ / Unit
$308,850
Mixed-Use Building
$290,915,000
28
42
1,103
$336
$301,712
Walk-Up Building
$229,158,000
26
48
1,166
$270
$199,152
Breakdown By Neighborhood
Total Dollar
Value Traded
$115,084,275
Total
Transactions
12
Total
Buildings Traded
18
Total
Units Traded
401
Average
$ / SF
$337
Average
$ / Unit
$280,738
East Harlem
$64,175,000
6
10
131
$408
$483,649
Hamilton Heights
$80,900,000
7
9
252
$358
$311,680
Inwood
$39,400,000
7
8
242
$188
$162,785
Location
Central Harlem
$8,620,000
1
2
41
$319
$210,244
Morningside Heights
Marble Hill
$21,700,000
3
4
58
$530
$378,274
Washington Heights
$381,207,500
27
54
1,788
$248
$208,374
West Harlem
$30,445,000
4
4
110
$391
$286,442
*Please note numbers above do not include projections
11 | Ariel Property Advisors | 122 East 42
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NYC Sub-Market Overview: Bronx | Oct 2014 - Mar 2015
Highlighted Transactions 1Q 2015
Property
Name
Sale Month
Sale Price
$/SF
$/ Unit
Total
Buildings
Total
Total Units
Building SF
$185,915
1
421,833
1
2001 Story Ave
3/12/2015
$66,000,000
$156
2
2055 Grand Concourse
3/11/2015
$10,025,000
$184
$147,426
1
54,360
68
3
2523 University Ave
3/3/2015
$9,000,000
$154
$150,000
1
58,585
60
3/9/2015
$6,500,000
$155
$151,163
1
42,000
43
1/30/2015
$6,015,000
$117
$113,491
2
51,231
53
4
3058 Godwin Ter
5
1115 College Ave & 1249 Webster Ave
355
Breakdown By Property Type
Property
Type
Elevatored Building
Total Dollar
Value Traded
$128,320,000
Total
Transactions
10
Total
Buildings Traded
11
Mixed-Use Building
Walk-Up Building
Total
Units Traded
848
Average
$ / SF
$142
Average
$ / Unit
$129,109
$120,089,991
22
28
976
$137
$116,773
$169,231,000
44
59
1,534
$134
$110,724
Breakdown By Neighborhood
Total Dollar
Value Traded
$11,300,000
Total
Transactions
2
Total
Buildings Traded
5
Total
Units Traded
95
Bedford Park
$81,615,000
11
15
640
$127
$119,788
Belmont
$25,430,000
8
13
216
$155
$116,847
Bronxdale
$4,285,000
2
2
39
$141
$105,481
Castle Hill
$66,000,000
1
1
355
$156
$185,915
$6,650,000
3
4
68
$136
$100,074
Location
Bathgate
Crotona Park
Average
$ / SF
$131
Average
$ / Unit
$116,714
East Tremont
$6,075,000
3
3
46
$144
$131,563
Fordham
$52,719,991
9
9
404
$154
$124,513
Highbridge
$4,150,000
1
1
36
$177
$115,278
Hunts Point
$2,130,000
1
1
25
$90
$85,200
Kingsbridge
$19,970,000
4
4
156
$130
$118,887
Kingsbridge Heights
$142,411,000
10
27
1,287
$132
$132,180
Melrose
$116,065,000
7
26
998
$110
$101,920
$123,884
Morris Park
$13,875,000
1
2
112
$229
Morrisania
$11,410,000
6
8
161
$118
$84,974
Mott Haven
$8,358,905
3
5
68
$154
$119,539
Mount Hope
$21,800,000
2
2
173
$136
$115,845
Parkchester
$1,830,000
1
1
19
$138
$96,316
Schuylerville
$4,950,000
2
2
71
$136
$81,466
Soundview
$8,700,000
2
7
59
$111
$129,167
Wakefield
$2,850,000
1
1
31
$115
$91,935
Williamsbridge
$5,300,000
1
1
92
$71
$57,609
*Please note numbers above do not include projections
Ariel Property Advisors | 122 East 42nd Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com |
12
Multifamily Quarter In Review: New York City | Q1 2015
NYC Sub-Market Overview: Brooklyn | Oct 2014 - Mar 2015
Highlighted Transactions 1Q 2015
Property
Name
Sale Month
Sale Price
$/SF
$/ Unit
Total
Buildings
$156
$164,575
17
1
Urban American Kings Portfolio
3/10/2015
$236,000,000
2
BCB Properties Williamsburg Multifamily Portfolio
1/20/2015
$48,100,000
$671
$425,664
3
354-356 State St
3/27/2015
$14,767,299
$801
$369,182
4
620 Flatbush Ave
3/30/2015
$14,117,821
$261
$207,615
5
1059 Union St
1/13/2015
$13,200,000
$312
$356,757
Total
Total Units
Building SF
1,509,354
1434
3
71,650
113
2
18,445
40
1
54,027
68
1
42,285
37
Breakdown By Property Type
Property Type
Elevatored Building
Total
Dollar Value Traded
$646,250,000
Total
Transactions
14
Total
Buildings Traded
28
Total
Units Traded
2,192
Average
$ / SF
$359
Average
$ / Unit
$428,800
Mixed-Use Building
$215,016,071
35
52
799
$342
$279,834
Walk-Up Building
$441,246,072
63
97
2,340
$285
$218,191
Breakdown By Neighborhood
Location
Bath Beach
Bay Ridge
Bedford-Stuyvesant
Boerum Hill
Borough Park
Brighton Beach
Brooklyn Heights
Brownsville
Bushwick
Carroll Gardens
Clinton Hill
Crown Heights
Cypress Hills
Dyker Heights
East Flatbush
Flatbush
Fort Hamilton
Gravesend
Greenpoint
Homecrest
Kensington
Midwood
Ocean Hill
Ocean Parkway
Park Slope
Prospect Heights
Prospect Lefferts Garden
Sheepshead Bay
Sunset Park
Williamsburg
Wyckoff Heights
Total Dollar
Value Traded
$5,545,000
$88,667,000
$96,460,000
$77,467,299
$4,400,000
$213,000,000
$4,950,000
$102,951,252
$8,325,000
$3,700,000
$18,201,550
$138,910,000
$3,060,000
$12,200,000
$273,505,000
$112,720,000
$5,400,000
$3,000,000
$11,250,000
$2,244,000
$75,925,000
$7,750,000
$15,235,000
$29,000,000
$53,435,562
$2,500,000
$39,617,821
$2,096,100
$20,976,559
$130,660,000
$2,500,000
Total
Transactions
2
7
12
4
1
2
1
2
2
1
3
13
1
2
4
17
1
1
2
1
1
2
4
2
7
1
2
1
7
8
1
Total
Buildings Traded
3
11
23
5
1
12
1
12
4
1
5
15
1
2
20
22
1
1
3
1
1
2
8
3
10
1
2
1
9
18
1
Total
Units Traded
31
402
488
150
35
866
10
647
36
16
53
491
23
65
1,697
688
39
16
44
16
126
38
105
43
118
10
154
12
149
273
16
Average
$ / SF
$272
$242
$309
$646
$125
$223
$754
$199
$451
$330
$334
$323
$190
$214
$146
$185
$169
$200
$352
$190
$629
$295
$239
$252
$539
$416
$277
$233
$213
$498
$357
Average
$ / Unit
$187,205
$205,188
$262,651
$460,934
$125,714
$201,037
$495,000
$185,564
$221,875
$231,250
$326,569
$251,856
$133,043
$181,389
$139,435
$160,668
$138,462
$187,500
$254,167
$140,250
$602,579
$233,214
$156,231
$509,091
$473,313
$250,000
$252,063
$174,675
$160,786
$544,221
$156,250
*Please note numbers above do not include projections
13 | Ariel Property Advisors | 122 East 42
nd
Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com
NYC Sub-Market Overview: Queens | Oct 2014 - Mar 2015
Highlighted Transactions 1Q 2015
Property
Name
1
Douglaston Realty Management Portfolio
2
71-13 60th Ln
3
4140 Parsons Blvd
Sale Month
Sale Price
$/SF
$/ Unit
Total
Buildings
Total
Total Units
Building SF
1/8/2015
$51,000,000
$401
$331,169
4
2/26/2015
$21,000,000
$390
$420,000
1
53,865
50
2/3/2015
$10,750,000
$244
$219,388
1
44,100
49
127,088
154
4
43-05 65th St
2/25/2015
$8,400,000
$317
$200,000
1
26,468
42
5
23-05 29th St
1/7/2015
$6,950,000
$413
$302,174
1
16,836
23
Breakdown By Property Type
Property
Type
Elevatored Building
Total Dollar
Value Traded
$120,800,000
Total
Transactions
4
Total
Buildings Traded
4
Total
Units Traded
315
Average
$ / SF
$397
Average
$ / Unit
$342,504
Mixed-Use Building
$60,521,193
12
21
247
$271
$246,374
Walk-Up Building
$53,455,500
13
24
294
$241
$191,482
Breakdown By Neighborhood
Location
Astoria
Total Dollar
Value Traded
$166,032,000
Total
Transactions
7
Total
Buildings Traded
13
Total
Units Traded
462
Average
$ / SF
$393
Average
$ / Unit
$335,932
Auburndale
$11,200,000
1
3
50
$204
$224,000
Corona
$22,395,500
5
8
90
$261
$241,716
Elmhurst
$16,986,300
4
7
77
$260
$226,804
Flushing
$2,652,893
1
2
20
$242
$132,645
Flushing-North
$2,735,000
1
1
16
$264
$170,938
Forest Hills
$8,300,000
2
7
31
$269
$270,833
Jamaica
$3,800,000
1
4
40
$158
$95,000
$181,452
Long Island City
$5,625,000
1
1
31
$259
$15,750,000
2
3
81
$242
$187,819
$3,025,000
2
2
28
$176
$106,771
Ridgewood
$22,900,000
2
2
61
$312
$296,364
Woodhaven
$1,975,000
1
1
16
$144
$123,438
Woodside
$8,400,000
1
1
42
$317
$200,000
Murray Hill
Richmond Hill
*Please note numbers above do not include projections
Ariel Property Advisors | 122 East 42nd Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com |
14
Multifamily Quarter In Review: New York City | Q1 2015
About Ariel Property AdvisorS
Investment Sales &
Investment Research
Quality Brokerage
Services
Exclusive Market
Reports
Asset
Evaluations
Ariel Property Advisors is a New York City real estate investment sales company dedicated to delivering the best transactional experience possible. We believe that outstanding sales performance originates from long-lasting relationships
with organizations like yours.
Our company is structured to produce optimal results for clients through two complementary divisions—Investment
Sales and Investment Research.
The Investment Sales Division provides private and institutional clients, equity capital, lenders, city/state/federal agencies and not for profit organizations with institutional quality brokerage services, regardless of the client, asset type or
transaction size. The relationships established by our sales professionals give us key insights into the latest trends, value
drivers and active market participants.
The Investment Research Division supports our sales professionals by organizing and synthesizing the latest information
about the real estate market. In addition to producing high quality Asset Evaluations for institutional and private clients,
our research professionals create a variety of market reports regularly covered by major New York City business publications.
Additionally, we believe in supporting the communities in which we do business through organizations such as Legal
Outreach, Harlem RBI, South Bronx Overall Economic Development Corp., Abyssinian Development Corp., UJA Federation, the Brooklyn Historical Society, and the Jewish Children’s Museum.
Our latest education initiative is the establishment of the Guy Shkury Scholarship for Excellent Academic Achievement
and Determination at the Open University of Israel, in honor of the late Guy Shkury, who graduated from the institution
with honors. In the next four years, Ariel Property Advisors will provide scholarships to 38 students.
15 | Ariel Property Advisors | 122 East 42
nd
Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com
Investment Sales
Shimon Shkury ext. 11
[email protected]
Sam Atlas ext. 48
[email protected]
Victor Sozio ext. 12
[email protected]
Marko Agbaba ext. 32
[email protected]
Michael A. Tortorici ext. 13
[email protected]
Joshua Berkowitz ext. 41
[email protected]
Randy Modell ext. 17
[email protected]
Investment Research
Jonathan Berman ext. 20
[email protected]
Ivan Petrovic
[email protected]
Scot Hirschfield ext. 16
[email protected]
Aryeh Orlofsky
[email protected]
Howard Raber ext. 23
[email protected]
Daniel Novick
[email protected]
Daniel Wechsler ext. 44
[email protected]
David Baruch
[email protected]
Mark Spinelli ext. 35
[email protected]
Brett Campbell
[email protected]
Daniel Tropp ext. 26
[email protected]
Jason Pappas
[email protected]
Jesse Deutch ext. 18
[email protected]
Sam Stuart
[email protected]
Jason Gold ext. 22
[email protected]
Dusan Panic
[email protected]
Matthew Gillis ext. 42
[email protected]
If you would like to use or quote this report on the web, we ask that you quote
the source as “Multifamily Quarter In Review: New York City by Ariel Property
Advisors” and link report from our website page (http://arielpa.com/research/
reports/)
To learn more about current market conditions or if you would like a comprehensive
Asset Evaluation for your property, please
do not hesitate to contact us using the information below:
212.544.9500 I arielpa.com
122 East 42nd Street, Suite 1015, New York NY 10168
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information
provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor
and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. April 27, 2015 5:25 PM