Top 10 NYC Multifamily Sales in July 2016
PropertyShark has compiled the 10 priciest multifamily property sales recorded in July 2016 in New York City. Keep reading to discover which areas were most popular, the types of deals being done, who some of the top deal makers are this summer and the borough that surprisingly claimed the top spot. Sale Price: $121,000,000 This seven-parcel deal includes properties at: 20-05 Shore Blvd. 20-25 Shore Blvd. 20-11 18th 20-32 19th 20-31 19th 20-11 20th 20-12 20th This new acquisition adds 444 Section 8 units to The Related Cos.’ portfolio. The firm has applied to add 53 more affordable housing…
Rent Growth
Rents were up 5.5%, down 10 basis points from June, 60 basis points from April and 120 basis points from the recent peak last October.
Market Pulse for September 2016
Market Pulse section compiled by Suzann Silverman. To comment, email ssilverman@cpexecutive.com. Multifamily Starts: Housing starts of buildings with five or more units rose by 1.6 percent over the month of June 2016 to a seasonally adjusted annual rate of 392,000. The month-over-month increase in June is the third consecutive month of recorded gains. Over this three-month period, the months covering the second quarter of 2016, starts of buildings with five or more units rose by 11.0 percent and the number of starts averaged 385,000 per month. The average number of housing starts of buildings with five or more units registered…
Market Pulse for August 2016
Michael Neal, a senior economist with the National Association of Home Builders (NAHB), gives commentary and data on interest rates, sales prices and more.
Rent Growth
Rents were up 5.6%, fell 30 basis points in June and was down 110 basis points from the recent high in October.
Top 10 NYC Multifamily Sales in June 2016
PropertyShark has compiled the data and we’ve got the priciest multifamily property deals recorded in New York City in June. Read on to find out how each borough performed: 1. Sales Price: $139,600,000 Known as The Hamilton, this Yorkville tower with 265 residential units transferred last month in an uncharacteristic move by high profile developer Glenwood Management. Crain’s New York reports that the new owner, Bonjour Capital, may invest an additional $20M in upgrading the lobby, gym, and other amenities, though union workers fear their wages may be cut in half by the new buyer. 2. 3418-3446 91…
Rent Growth
Seattle, Sacramento and Portland achieved the most significant rent growth, with all three markets seeing gains in excess of 11%. Phoenix and Atlanta followed with year-over-year growth in the mid-8% range. Conversely, San Francisco, Denver and Houston continued to decelerate.
Top 10 NYC Multifamily Sales in May 2016
Check out the latest data from Property Shark and discover the priciest multifamily apartment deals in NYC recorded in May 2016. Find out the one borough which managed to put up a fight against Manhattan, who some of the top deal makers were, and what the kings of New York real estate are buying up now. 1. Sale Price: $75,400,000 Buyer: US-Dev Associates II LLC Seller: 85 East 10th and 112-120 East 11th Street LLC Part of a larger $127M deal which incorporates 6 East Village buildings, this property is slated for new development. New owners, Lightstone, are expected…
Market Pulse for July 2016
Market Pulse section compiled by Suzann Silverman. To comment, email ssilverman@cpexecutive.com. Multifamily Starts: Housing starts of buildings with five or more units rose by 10.7 percent to a seasonally adjusted annual rate of 373,000. After averaging 343,000 on a seasonally adjusted annual rate over the first three months of the year, the number of these starts recorded in April is nearer to the levels recorded in both November 2015, 379,000, and December 2015, 378,000. Relative to all starts, single-family, two to four unit buildings, and five or more unit buildings, five or more unit buildings account for 32 percent of…
Market Pulse for June 2016
Market Pulse section compiled by Suzann Silverman. To comment, email ssilverman@cpexecutive.com. Multifamily Starts: Housing starts of buildings with five or more units have oscillated in recent months. In March 2016, starts of buildings with five or more units fell by 8.5 percent to a seasonally adjusted annual rate of 312,000. Over the previous 12 months dating back to March 2015, these housing starts have risen on a monthly basis six times—March 2015, April, June, September, November and February 2016—while falling on a monthly basis in the other six months. However, using the three-month moving average to smooth the month-to-month volatility…