MultifaMily Quarter in review: new york City | Q1 2015€¦ · An Astoria portfolio purchased by...
Transcript of MultifaMily Quarter in review: new york City | Q1 2015€¦ · An Astoria portfolio purchased by...
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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 over-view 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/.
Multifamily Quarter In Review: New York City | Q1 2015
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table of Contents
4 new york City Multifamily Quarter in review
5 Multifamily Market Performance by sub-Market
6 trailing six Month analysis: introduction
7 trailing six Month Performance Comparison
8 transaction & Dollar volume trailing analysis
9 Macro-economic overview & Market fundamentals
10 nyC sub-Market overviewManhattan | n. Manhattan | the bronx | brooklyn | Queens
15 about ariel Property advisors
16 sample listing activity by ariel Property advisors
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ShIMON ShkuRY MIkE A. TORTORICI VICTOR SOzIO
President Executive VP- Sales Operations Executive VP - Brokerage Services212.544.9500 x.11 212.544.9500 x.13 212.544.9500 [email protected] [email protected] [email protected]
MultifaMily Quarter in review: new york City | Q1 2015
After a sluggish January and February, the NYC Multifamily sales market gathered signifi-cant 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 be-low 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 Ster-ling 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 build-ings and just over $400 million in gross consideration. Compared to last year, these fig-ures 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 trans-action 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 consid-eration. 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.
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.
Q1 2015 SNAPShOT
DollarVolume
TransactionVolume
BuildingVolume
$3.32 billion
208 3386% increase
compared to
Q1 2014
7% increase
compared to
Q1 2014
13% decrease
compared to
Q1 2014
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 owner-ship 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
Multifamily Quarter In Review: New York City | Q1 2015
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MetriCs Q1 2015% Change
vs. Q4 2014Q4 2014
% Change vs. Q1 2014
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
Transaction Vol 34 -8% 37 21% 28
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
Transaction Vol 49 32% 37 2% 48
Building Vol 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
Transaction Vol 63 7% 59 2% 62
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
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
MultifaMily Market PerforManCe by sub-MarketN
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ork
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Bro
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xN
. MaN
haT
TaN
MaN
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TRANSACTION VOLuME COMPARISON BY LOCATION
DOLLAR VOLuME COMPARISONBY LOCATION
ManhattanNorthern ManhattanThe BronxBrooklynQueens
ManhattanNorthern ManhattanThe BronxBrooklynQueens 40+12+10+32+6+x 20+15+20+34+11+x40%
12%10%32%
6%
20%15%20%34%11%
250
225
200
175
150
125
100
75
50
25
$0
$5b
$2b
$1.75b
$1.5b
$1.25b
$1b
$750m
$500m
$250m
$0
LEgEND
DOLLAR VOLuME COMPARISON gRAPh
BuILDINg VOLuME COMPARISON gRAPh
2014 2013 2012
2014 2013 2012
Manhattan
Northern Manhattan
The Bronx
Brooklyn
Queens
Ariel Property Advisors | 122 East 42nd Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com | 6
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 oCt 2013 - Mar 2014 trailing nuMbers
loCaTioN aVg. $/UNiT aVg. $/sF aVg. Cap raTe aVg. grM aVg. $/UNiT aVg. $/sF aVg. Cap raTe aVg. grM
Manhattan $638,763 $896 3.76% 18.57 $764,487 $808 3.85% 17.48
N. Manhattan $264,312 $306 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
Multifamily Quarter In Review: New York City | Q1 2015
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trailing six Month PerforManCe: oCt ’14 – Mar ‘15 vs. oCt ‘13 – Mar’14 CoMParison
oCt 2014 - Mar 2015 trailing nuMbers oCt 2013 - Mar 2014 trailing nuMbers
location / Criteria
Total Transactions
Total Buildings
Traded
Total Dollar
Value Traded
Median price
Total Units
Traded
Median Units /
Transaction
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
summary 399 674 $7,386,718,238 $6,375,000 25,669 26 417 821 $6,754,217,997 $5,350,000 28,452 28
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trailing six Month PerforManCe: Deal Distribution by transaCtion Count anD Dollar voluMe
LEgEND: $20MM+ | $5-20mm | $1-5mm
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%
Ariel Property Advisors | 122 East 42nd Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com | 8
$2.25b 120
$1.75b 100
$1.25b 80
$750mm 60
$250mm 40
transaCtion & Dollar voluMe by Quarter |the trailing 6-Month Moving average
the trailing 6-Month Moving Average6 Months ended Avg. Dollar Vol. Avg. transaction Vol.Mar 2014 - Mar 2015
2014 Mar $1,125,703,000 70
apr $1,104,377,526 64
May $982,214,410 63
Jun $838,569,876 60
Jul $887,324,796 64
aug $830,726,246 65
sep $926,901,674 64
oct $1,136,169,375 68
Nov $1,122,653,212 68
Dec $1,287,068,288 68
2015 Jan $1,254,273,173 66
Feb $1,238,125,142 66
Mar $1,290,368,508 68
MultifaMily transaCtion tiMeline
LEgEND: Transaction Volume | Dollar Volume
Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015*
Trans Vol: 223 194 169 215 191 208Dollar
Vol: $3.62b $3.13b $1.90b $3.66b $4.06b $3.32b
oct Nov Dec Jan Feb Mar apr May Jun Jul aug sep oct Nov Dec Jan Feb Mar
$1.6b 85
$1.5b 80
$1.4b 75
$1.3b 70
$1.2b 65
$1.1b 60
$1b 55
$950mm 50
$900mm 45
$850mm 40
$800mm 35
$750mm 30
the trailing 6-Month Moving average
LEgEND: Transaction Volume | Dollar Volume
6 MONThSENDED
AVg.DOLLAR VOL.
AVg.TRANSACTION VOL.
Mar
apr
May
Jun
Jul
aug
sep
oct
Nov
Dec
Jan
Feb
Mar
Multifamily Quarter In Review: New York City | Q1 2015
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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 Manhat-tan neighborhoods resides in gramercy, owner of a 0.78% vacancy rate. Brooklyn one- and two-bedroom apartments have experi-enced 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.
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.
10%
7.5%
5%
2.5%‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15
6%
4%
2%
0%‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15
500
400
300
200
100‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15
17.5
15
12.5‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15
Manhattan rental vacancy rates | Monthly Percentage Change
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%
2%
1.5%
1%
0.5%
0%Mar apr May Jun Jul aug sep oct Nov Dec Jan Feb Mar
source: Citi habitats
unemployment rate history | NYS (Seasonally Adjusted) & NYC (Not Seasonally Adjusted)
treasury yield Curve rates | 30-year | 10-year | 5-year | 1-year
home heating oil Prices | Monthly Average (cents per gallon)
residential electricity rates | Regional - Middle Atlantic (Cents / kWh)
source: NYs Dept of labor
source: Us Treasury Dept.
source: NYserDa
source: Us eia
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nyC sub-Market overview: Manhattan | oCt 2014 - Mar 2015
*Please note numbers above do not include projections
highlighteD transaCtions 1Q 2015
ProPertyname
Sale month Sale Price $/SF $/ Unittotal
bUildingStotal
bUilding SFtotal UnitS
1 The esM portfolio 3/27/2015 $116,732,701 $933 $442,169 12 125,103 264
2 257-271 south st 2/9/2015 $115,000,000 $437 $449,219 1 262,875 256
3 308 e 38th st 1/30/2015 $75,000,000 $804 $757,576 1 93,314 99
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 $630,435 1 80,402 92
location total dollarValUe traded
total tranSactionS
totalbUildingS traded
total UnitS traded
aVerage$ / SF
aVerage$ / Unit
alphabet City $69,200,000 5 5 132 $791 $484,993
Chelsea $217,250,000 7 10 271 $1,112 $711,838
Chinatown $17,512,500 3 4 87 $498 $217,660
Civic Center $328,472,620 1 2 508 $433 $646,600
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
lower east side $157,852,675 6 7 370 $716 $450,835
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 $433,414
breakDown by neighborhooD
ProPertytyPe
total dollarValUe traded
total tranSactionS
totalbUildingS traded
total UnitS traded
aVerage$ / SF
aVerage$ / Unit
elevatored Building $582,603,000 10 11 843 $889 $963,804
Mixed-Use Building $1,445,055,496 41 63 2,299 $906 $619,867
walk-Up Building $188,351,000 21 29 436 $823 $436,925
breakDown by ProPerty tyPe
Multifamily Quarter In Review: New York City | Q1 2015
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nyC sub-Market overview: northern Manhattan | oCt 2014 - Mar 2015
ProPertytyPe
total dollarValUe traded
totaltranSactionS
totalbUildingS traded
totalUnitS traded
aVerage$ / SF
aVerage$ / Unit
elevatored Building $128,176,275 9 9 421 $315 $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 $199,152
location total dollar ValUe traded
totaltranSactionS
totalbUildingS traded
totalUnitS traded
aVerage$ / SF
aVerage$ / Unit
Central harlem $115,084,275 12 18 401 $337 $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
Marble hill $8,620,000 1 2 41 $319 $210,244
Morningside heights $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
highlighteD transaCtions 1Q 2015
ProPertyname
Sale month Sale Price $/SF $/ Unittotal
bUildingStotal
bUilding SFtotal UnitS
1 4101 & 4113 Broadway 3/16/2015 $42,000,000 $333 $318,182 50 2 132
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 $441,176 50 1 17
breakDown by ProPerty tyPe
breakDown by neighborhooD
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nyC sub-Market overview: bronx | oCt 2014 - Mar 2015
locationtotal dollarValUe traded
totaltranSactionS
totalbUildingS traded
totalUnitS traded
aVerage$ / SF
aVerage$ / Unit
Bathgate $11,300,000 2 5 95 $131 $116,714
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
Crotona park $6,650,000 3 4 68 $136 $100,074
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
Morris park $13,875,000 1 2 112 $229 $123,884
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
highlighteD transaCtions 1Q 2015
ProPertyname
Sale month Sale Price $/SF $/ Unittotal
bUildingStotal
bUilding SFtotal UnitS
1 2001 story ave 3/12/2015 $66,000,000 $156 $185,915 1 421,833 355
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
4 3058 godwin Ter 3/9/2015 $6,500,000 $155 $151,163 1 42,000 43
5 1115 College ave & 1249 webster ave 1/30/2015 $6,015,000 $117 $113,491 2 51,231 53
ProPertytyPe
total dollarValUe traded
totaltranSactionS
total bUildingS traded
total UnitS traded
aVerage$ / SF
aVerage$ / Unit
elevatored Building $128,320,000 10 11 848 $142 $129,109
Mixed-Use Building $120,089,991 22 28 976 $137 $116,773
walk-Up Building $169,231,000 44 59 1,534 $134 $110,724
breakDown by ProPerty tyPe
breakDown by neighborhooD
Multifamily Quarter In Review: New York City | Q1 2015
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nyC sub-Market overview: brooklyn | oCt 2014 - Mar 2015
ProPerty tyPe totaldollar ValUe traded
totaltranSactionS
totalbUildingS traded
totalUnitS traded
aVerage$ / SF
aVerage$ / Unit
elevatored Building $646,250,000 14 28 2,192 $359 $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 $218,191
location total dollarValUe traded
totaltranSactionS
totalbUildingS traded
totalUnitS traded
aVerage$ / SF
aVerage$ / Unit
Bath Beach $5,545,000 2 3 31 $272 $187,205 Bay ridge $88,667,000 7 11 402 $242 $205,188 Bedford-stuyvesant $96,460,000 12 23 488 $309 $262,651 Boerum hill $77,467,299 4 5 150 $646 $460,934 Borough park $4,400,000 1 1 35 $125 $125,714 Brighton Beach $213,000,000 2 12 866 $223 $201,037 Brooklyn heights $4,950,000 1 1 10 $754 $495,000 Brownsville $102,951,252 2 12 647 $199 $185,564 Bushwick $8,325,000 2 4 36 $451 $221,875 Carroll gardens $3,700,000 1 1 16 $330 $231,250 Clinton hill $18,201,550 3 5 53 $334 $326,569 Crown heights $138,910,000 13 15 491 $323 $251,856 Cypress hills $3,060,000 1 1 23 $190 $133,043 Dyker heights $12,200,000 2 2 65 $214 $181,389 east Flatbush $273,505,000 4 20 1,697 $146 $139,435 Flatbush $112,720,000 17 22 688 $185 $160,668 Fort hamilton $5,400,000 1 1 39 $169 $138,462 gravesend $3,000,000 1 1 16 $200 $187,500 greenpoint $11,250,000 2 3 44 $352 $254,167 homecrest $2,244,000 1 1 16 $190 $140,250 kensington $75,925,000 1 1 126 $629 $602,579 Midwood $7,750,000 2 2 38 $295 $233,214 ocean hill $15,235,000 4 8 105 $239 $156,231 ocean parkway $29,000,000 2 3 43 $252 $509,091 park slope $53,435,562 7 10 118 $539 $473,313 prospect heights $2,500,000 1 1 10 $416 $250,000 prospect lefferts garden $39,617,821 2 2 154 $277 $252,063 sheepshead Bay $2,096,100 1 1 12 $233 $174,675 sunset park $20,976,559 7 9 149 $213 $160,786 williamsburg $130,660,000 8 18 273 $498 $544,221 wyckoff heights $2,500,000 1 1 16 $357 $156,250
*Please note numbers above do not include projections
highlighteD transaCtions 1Q 2015
ProPertyname
Sale month Sale Price $/SF $/ Unittotal
bUildingStotal
bUilding SFtotal UnitS
1 Urban american kings portfolio 3/10/2015 $236,000,000 $156 $164,575 17 1,509,354 1434
2 BCB properties williamsburg Multifamily portfolio 1/20/2015 $48,100,000 $671 $425,664 3 71,650 113
3 354-356 state st 3/27/2015 $14,767,299 $801 $369,182 2 18,445 40
4 620 Flatbush ave 3/30/2015 $14,117,821 $261 $207,615 1 54,027 68
5 1059 Union st 1/13/2015 $13,200,000 $312 $356,757 1 42,285 37
breakDown by neighborhooD
breakDown by ProPerty tyPe
Ariel Property Advisors | 122 East 42nd Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com | 14
nyC sub-Market overview: Queens | oCt 2014 - Mar 2015
ProPertytyPe
total dollarValUe traded
totaltranSactionS
totalbUildingS traded
totalUnitS traded
aVerage$ / SF
aVerage$ / Unit
elevatored Building $120,800,000 4 4 315 $397 $342,504
Mixed-Use Building $60,521,193 12 21 247 $271 $246,374
walk-Up Building $53,455,500 13 24 294 $241 $191,482
location total dollarValUe traded
totaltranSactionS
totalbUildingS traded
totalUnitS traded
aVerage$ / SF
aVerage$ / Unit
astoria $166,032,000 7 13 462 $393 $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
long island City $5,625,000 1 1 31 $259 $181,452
Murray hill $15,750,000 2 3 81 $242 $187,819
richmond hill $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
*Please note numbers above do not include projections
highlighteD transaCtions 1Q 2015
ProPertyname
Sale month Sale Price $/SF $/ Unittotal
bUildingStotal
bUilding SFtotal UnitS
1 Douglaston realty Management portfolio 1/8/2015 $51,000,000 $401 $331,169 4 127,088 154
2 71-13 60th ln 2/26/2015 $21,000,000 $390 $420,000 1 53,865 50
3 4140 parsons Blvd 2/3/2015 $10,750,000 $244 $219,388 1 44,100 49
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
breakDown by neighborhooD
Multifamily Quarter In Review: New York City | Q1 2015
15 | Ariel Property Advisors | 122 East 42nd Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com
Quality brokerage serviCes
asset evaluations
investMent sales &investMent researCh
exClusive Market rePorts
Ariel Property Advisors is a New York City real estate investment sales company dedicated to delivering the best trans-actional 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 agen-cies 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 publica-tions.
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 Federa-tion, 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.
about ariel ProPerty aDvisors
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 neces-sarily 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
to learn more about current market condi-tions or if you would like a comprehensive asset evaluation for your property, please do not hesitate to contact us using the in-formation below:
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/)
212.544.9500 I arielpa.com122 East 42nd Street, Suite 1015, New York NY 10168
INVESTMENT SALES
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