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DOWNTOWN MANHATTAN A quarterly analysis of multifamily sales in Downtown Manhattan, Manhattan 2nd Quarter 2018
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Multifamily Market Report, 2nd Quarter 2018
Multifamily Market Report, 2nd Quarter 2018 Downtown Manhattan, Manhattan
SUMMARY SALES VOLUME
NO. OF TRANSACTIONS
AVERAGE PRICE/UNIT
AVERAGE PRICE/SQ.FT.
$232.6M
24
$855K
$1,038
-16% YoY
0% YoY
25% YoY
9% YoY
NEIGHBORHOOD BOUNDARIES
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MULTIFAMILY STATS Sales Volume $1,200.0M $1,000.0M $800.0M $600.0M $400.0M $200.0M $
$1,083M
$621M
$646M
$587M
$519M $483M
$366M
$704M $665M
$394M
$592M $332M
$246M $193M $278M $289M
$154M
$233M
Average Sale Price per Unit $1.2M $1.0M $800K $600K $400K $200K $
$855K
$686K
1500
Number of Units Sold Quarter Q1 Q2 Q3 Q4
2016 263 864 1170 394
2017 273 405 416 877
2018 556 272
1000
556 272
500
0 Q1
Q2
2016
Number of Buildings Sold Quarter Q1 Q2 Q3 Q4
2016 23 39 32 17
2017 14 24 18 27
2018 30 25
50 40 30 20 10 0
30
Q1
40
Q2
Quarter Q1 Q2 Q3 Q4
2016 23 36 31 16
2017 14 24 17 23
29
30
2018 29 24
2017
Q4
2018
25
2016
Number of Transactions
Q3
Q3 2017
Q4
2018
24
20
10 0 Q1
Q2 2016
Q3 2017
2018
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Q4
Total Sq. Ft. 2.0M 1.5M
1.0M
1.8M 964K 575K
785K
835K
591K
622K
691K
500K
680K
940K
221K
748K
217K
221K
291K
250K
477K
224K
Average Sale Price per Square Foot $1,400 $1,200 $1,000 $800 $600 $400 $200 $
$1,038
$953
MULTIFAMILY SIZE Size of Multifamily Properties Sold Multifamily size Small Medium Large
Avg. price/unit $1,861,569 $582,149 -
Y-o-Y 25% -3% -
Avg. price/sqft $1,846 $752 -
Y-o-Y 61% -18% -
Sales volume $107,971,000 $124,579,866 $0
Sales 11 13 0
Buildings 11 14 0
Small (up to 10 units), Medium (between 10 and 50 units), Large (more than 50 units)
46% 54%
Small Medium Large
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Units 58 214 0
LIST OF TRANSACTIONS Address 27-28 Washington Sq N 111 E Twelfth St 113 E Twelfth St 37-39 Perry St 265 W Eleventh St 24 St Marks Pl 174-176 First Ave 77-79 Madison St 131 Charles St 121 W Washington Plce 151 Avenue A 684 Greenwich St 215 E Twelfth St 84 Second Ave 38 Ludlow St 150 E Broadway 203 E Seventh St 102 Suffolk St 116 St Marks Pl 106 Avenue B 207 E Fourth St 187 E Seventh St 244-246 Elizabeth St 544 E 13th St 377 E Tenth St
Sale date 21-Jun-18 29-Jun-18 29-Jun-18 14-Jun-18 19-Jun-18 3-May-18 17-May-18 25-Apr-18 18-Jun-18 2-Apr-18 27-Jun-18 12-Apr-18 29-May-18 16-May-18 9-May-18 15-Jun-18 9-May-18 18-May-18 22-May-18 18-May-18 18-May-18 18-May-18 8-Jun-18 4-Jun-18 4-Jun-18
Sale price $45,000,000 $20,000,000 $20,000,000 $17,500,000 $15,500,000 $12,900,000 $12,050,000 $12,000,000 $10,486,000 $9,750,000 $9,500,000 $8,785,000 $8,500,000 $7,800,000 $7,100,000 $6,350,000 $6,250,000 $5,500,000 $5,000,000 $3,100,000 $3,000,000 $2,400,000 $1,702,210 $1,423,033 $954,623
Property type Medium multifamily Medium multifamily Small multifamily Small multifamily Small multifamily Medium multifamily Small multifamily Medium multifamily Small multifamily Small multifamily Medium multifamily Small multifamily Small multifamily Small multifamily Medium multifamily Small multifamily Small multifamily Medium multifamily Small multifamily Medium multifamily Medium multifamily Medium multifamily Medium multifamily Medium multifamily Medium multifamily
Units 28 11 5 4 5 17 9 30 3 3 10 6 5 6 18 9 4 18 4 10 11 10 20 14 12
Sqft 32,409 8,322 8,317 6,750 3,744 12,374 9,384 21,274 2,362 4,400 9,634 4,875 5,024 4,812 7,350 6,225 5,446 9,858 5,479 7,810 7,166 5,220 14,275 10,888 10,715
Price/sqft $1,389 $1,202 $1,202 $2,593 $4,140 $1,043 $1,284 $564 $4,439 $2,216 $986 $1,802 $1,692 $1,621 $966 $1,020 $1,148 $558 $913 $397 $419 $460 $119 $131 $89
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Pkg. deal No Yes Yes No No No No No No No No No No No No No No No No No No No No No No