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DOWNTOWN MANHATTAN A quarterly analysis of multifamily sales in Downtown Manhattan, Manhattan 2nd Quarter 2016
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Multifamily Market Report, 2nd Quarter 2016
Multifamily Market Report, 2nd Quarter 2016 Downtown Manhattan, Manhattan
SUMMARY SALES VOLUME
NO. OF TRANSACTIONS
AVERAGE PRICE/UNIT
AVERAGE PRICE/SQ.FT.
$597.4M
34
$719K
$902
27% YoY
3% YoY
18% YoY
2% 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 $
$1,123M
$1,011M
$485M
$482M $224M $256M $240M
$253M
$174M
$389M $361M
$646M
$524M
$471M $463M
$597M $349M $154M
Average Sale Price per Unit $1.2M $1.0M $800K $600K $400K $200K $
$719K
$607K
2000
Number of Units Sold Quarter Q1 Q2 Q3 Q4
2014 533 490 515 1490
2015 1078 776 772 559
1500
2016 264 828
828
1000 264
500 0
Q1
Q2 2014
Number of Buildings Sold Quarter Q1 Q2 Q3 Q4
2014 33 26 28 46
2015 56 38 42 37
2016 23 37
2014 30 24 28 41
2015 46 33 39 32
2016 23 34
2016
37
40
23
20 0 Q2 2014
Quarter Q1 Q2 Q3 Q4
2015
Q4
60
Q1
Number of Transactions
Q3
50 40 30 20 10 0
Q3 2015
Q4
2016
34 23
Q1
Q2 2014
Q3 2015
2016
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Q4
Total Sq. Ft. 2.0M
1.7M
1.6M
1.5M 1.0M 500K
606K 267K
402K
330K
361K
465K
615K
835K 339K
435K
531K
402K
566K
414K
663K 221K
Average Sale Price per Square Foot $1,400 $1,200 $1,000 $800 $600 $400 $200 $
$902
$885
MULTIFAMILY SIZE
Size of Multifamily Properties Sold Multifamily size Small Medium Large
Avg. price/unit $1,921,883 $754,013 $467,486
Y-o-Y 90% 31% -23%
Avg. price/sqft $1,749 $1,184 $507
Y-o-Y 57% 27% -24%
Sales volume $126,903,852 $299,343,065 $171,100,000
Sales 12 18 4
Buildings 11 21 4
Small (up to 10 units), Medium (between 10 and 50 units), Large (more than 50 units)
12% 35%
Small Medium Large
53%
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Units 65 397 366
LIST OF TRANSACTIONS Address 85-120 E 10 St 54-56 E 3 St 50-52 E 3 St 58 E 3 St 342 East 8 Street #RES 60 E 12 St 21 W 10 St 138 W 11 St 99 Suffolk St 125-127 Grand St 92-94 2 Ave 58 Elizabeth St 119 Hester St 38 W 10 St 118 2 Ave 139 Essex St 376 Bleecker St 152 W 13 St 24 Prince St 192 1 Ave 194 1 Ave 151 Norfolk St 103 St Marks Pl 329 E 10 St 4 St Marks Pl 69 Clinton St 198 W 10 St 187 Chrystie St 319 E 6 St 341 E 9 St 8 Perry St 615 E 6 St 437 E 9 St 534 E 6 St 84 2 Ave 19 Pell St 272 Canal St
Sale date 21-Apr-16 1-Apr-16 1-Apr-16 1-Apr-16 3-May-16 3-May-16 25-Apr-16 27-May-16 1-Apr-16 5-May-16 10-Jun-16 13-May-16 5-Apr-16 5-May-16 2-Jun-16 22-Apr-16 11-May-16 21-Apr-16 18-Apr-16 27-Jun-16 27-Jun-16 15-Jun-16 19-May-16 20-Jun-16 21-Apr-16 24-Jun-16 1-Jun-16 6-Apr-16 31-May-16 18-May-16 13-Apr-16 20-Apr-16 18-May-16 20-Apr-16 11-May-16 26-May-16 18-May-16
Sale price $75,400,000 $58,000,000 $58,000,000 $58,000,000 $44,000,000 $35,000,000 $31,000,000 $30,908,065 $24,550,000 $20,377,000 $19,000,000 $16,700,000 $16,500,000 $16,500,000 $16,100,000 $15,500,000 $15,500,000 $15,000,000 $13,750,000 $13,000,000 $13,000,000 $12,000,000 $11,535,000 $11,400,000 $10,000,000 $8,800,000 $8,250,000 $8,000,000 $7,920,400 $7,000,000 $6,850,000 $6,350,000 $6,000,000 $5,650,000 $5,125,000 $3,700,000 $1,981,452
Property type Large multifamily Medium multifamily Medium multifamily Medium multifamily Large multifamily Large multifamily Medium multifamily Medium multifamily Medium multifamily Small multifamily Medium multifamily Large multifamily Medium multifamily Small multifamily Medium multifamily Medium multifamily Small multifamily Small multifamily Small multifamily Medium multifamily Medium multifamily Medium multifamily Medium multifamily Medium multifamily Small multifamily Medium multifamily Small multifamily Medium multifamily Small multifamily Medium multifamily Small multifamily Medium multifamily Medium multifamily Small multifamily Small multifamily Medium multifamily Small multifamily
Units 107 24 24 24 71 137 10 10 36 8 22 51 29 8 24 18 4 3 8 10 10 35 23 10 5 18 8 17 3 16 3 10 17 9 6 10 2
Sqft 117,012 16,038 17,310 13,620 65,832 124,630 8,589 9,941 26,600 14,800 19,894 29,680 17,025 6,016 16,060 9,150 4,106 4,508 7,987 6,452 6,820 22,404 13,405 7,100 10,036 6,705 3,450 8,540 4,748 6,285 3,800 7,860 7,240 5,876 4,812 5,860 2,400
Price/sqft $644 $1,235 $1,235 $1,235 $668 $281 $3,609 $3,109 $923 $1,377 $955 $563 $969 $2,743 $1,002 $1,694 $3,775 $3,327 $1,722 $980 $980 $536 $860 $1,606 $996 $1,312 $2,391 $937 $1,668 $1,114 $1,803 $808 $829 $962 $1,065 $631 $826
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Pkg. deal No Yes Yes Yes No No No No No No No No No No No No No No No Yes Yes No No No No No No No No No No No No No No No No