Top 10 NYC Multifamily Sales in April 2016
Trendy Brooklyn may have come out on top in this new data set, but overall recorded sales in April 2016 were dominated by transactions in Manhattan. Of special note is the continuing appetite for income producing properties in Washington Heights and Long Island City. 1. Sale Price: $79,672,500 Buyer: Eqr-North Ninth Ii LLC Seller: Em N9 LLC, Fpg 237-263 North 9TH Property LLC Despite rumors of shedding billions of dollars of apartments late last year and early in 2016, Sam Zell’s Equity Residential boldly picked up these Williamsburg apartment buildings last month. 2. 42-15 Crescent Street, Queens Sale…
Rent Growth
Rents were up 6.0%, which had fallen to 5.7% in March after peaking at 6.7% in October.
Market Pulse for May 2016
Market Pulse section compiled by Suzann Silverman. To comment, email ssilverman@cpexecutive.com. Multifamily Starts: After two consecutive months of declines, housing starts of buildings with five or more units rose in February 2016. On a seasonally adjusted annual rate basis, housing starts of buildings with five or more units increased by 2.4 percent over the month of February. Over the past 12 months, housing starts of buildings with five or more units climbed 16.8 percent, reversing the 12-month decline of 9.5 percent witnessed in January. Despite the increase over the past 12 months in housing starts of buildings with five or…
Top 10 NYC Multifamily Sales in March 2016
March 2016 records reveal an active month for NYC multifamily deals. Dive into the data from PropertyShark and discover who the top deal-makers of March were, as well as discovering the premium being put on apartment buildings compared to just a few years ago. 1. 760-774 3rd Avenue, Manhattan Sale Price: $270,000,000 Buyer: 160 East 48th Street Owner II LLC Seller: Buchanan Apartments LLC The biggest deal of the month goes to a joint venture between Madison Realty and USAA Real Estate. The ‘Buchanan’ building houses 299 apartments, as well as office and retail space. Almost 200 of the…
Market Pulse for April 2016
Market Pulse section compiled by Suzann Silverman. To comment, email ssilverman@cpexecutive.com. Multifamily Starts: In January 2016, housing starts of buildings with five or more units fell. This is the second consecutive monthly decline. Over the month of January, housing starts of buildings with five or more units, measured at a seasonally adjusted annual rate, declined by 2.5 percent to 354,000. Over the past two months, these housing starts have decreased by 7.8 percent. Since reaching 455,000 units in September, housing starts of buildings with five or more units have averaged 361,000 over the months of October 2015 to January 2016….
Top 10 NYC Multifamily Sales in February 2016
February’s recorded sales show a strong demand for multifamily apartment buildings in New York. Manhattan led the pack, with multiple package deals that could promise exciting new redevelopments. Brooklyn, Queens and even the Bronx make appearances, too. Check out the most expensive transactions, and the latest data from PropertyShark. 1. 420-423 E. 54 St., Manhattan Sale Price: $390,000,000 Buyer: River Tower Owner, LLC Seller: EQR-River Tower A, LLC East Midtown’s RiverTower building tops February’s recorded sales at a healthy $390M. While it sold at significantly less than was predicted by The Real Deal, Sam Zell’s Equity Residential was rumored…
Top 10 NYC Multifamily Sales in January 2016
The data is in! New York City multifamily real estate rocketed into 2016, with numerous eight-figure-plus sales. Manhattan, Brooklyn and the Bronx all jockeyed for the spotlight. Check out PropertyShark’s list of the top 10 most expensive multifamily deals recorded in NYC in January: 10. 4002-4004 & 4014-4016 Carpenter Ave., The Bronx Sale Price: $15,900,000 Buyer: Nysandy12 Cbp5 LLC Seller: Ecp Carpenter LLC The Real Deal reports that these two properties are part of a a much larger portfolio acquisition. In a partnership between Related and the New York City pension funds, a total of 737 Bronx apartments are being…
Market Pulse for March 2016
Market Pulse section compiled by Suzann Silverman. To comment, email ssilverman@cpexecutive.com. Multifamily Starts: In December 2015, housing starts of buildings with five or more units gave back a portion of the gains made in November 2015. After growing from 344,000 to 378,000, a 9.9 percent increase, between October and November, housing starts of buildings with five or more units fell by 3.4 percent to 365,000 over the month of December. Despite the one-month decline, the number of housing starts of buildings with five or more units in 2015, 385,000, exceeded the level in 2014, 342,000, by 12 percent. Since reaching…
Market Pulse for February 2016
Market Pulse section compiled by Suzann Silverman. To comment, email ssilverman@cpexecutive.com. Multifamily Starts: In November 2015, housing starts of buildings with five or more units recovered a portion of production pace lost over the month of October. Measured on a seasonally adjusted annual rate basis, housing starts of buildings with five or more units fell by 26 percent in October to 337,000. However, in November, production rose by 18 percent to 398,000. Despite the month-over-month fluctuation, the number of these housing starts, at 301,000, still exceeds the average monthly level recorded between 2000 and 2007. Meanwhile, its contribution to total…