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NYC Multifamily Sales Jump 34 Percent In First Quarter

Multifamily 1st Quarter In Review

In the first quarter of 2012, New York City recorded 145 multifamily transactions comprised of 222 buildings totaling $1.15 billion in gross consideration, compared to first quarter 2011 figures of 108 multifamily transactions comprised of 137 buildings totaling $548.9 million in gross consideration, and fourth quarter 2011 figures of 131 multifamily transactions consisting of 137 buildings and totaling $1.47 billion in gross consideration.

The first quarter 2012 report shows that in terms of dollar volume and number of buildings sold, demand is surging for multifamily assets in Manhattan. In Brooklyn, first quarter dollar volume for multifamily properties nearly doubled and multifamily building sales were up a healthy 70 percent, compared to the same period of 2011. Prices for multifamily buildings in Brooklyn appear to be rising at a faster rate than any other submarket, which is following the borough’s trend of rapidly rising rents.

The report also shows that portfolio sales are returning to Upper Manhattan, which in the first quarter of 2012 saw four portfolio trades, signaling investors’ faith in the area and that banks are more comfortable making loans on such packages.

Below are key highlights from the Multifamily Quarter in Review: NYC:

Manhattan (below 96th Street): Manhattan had 36 transactions, comprised of 62 buildings with a total value of $574 million in the first quarter of 2012, compared to 19 transactions, comprised of 23 buildings with a total value at $128 million in the first quarter of 2011. The borough’s average price per square foot is up 43 percent and average price per unit increased 52 percent compared to the first quarter last year.

Northern Manhattan: Northern Manhattan in the first quarter had 26 transactions comprised of 42 buildings, valued at $167 million, compared to 25 transactions, comprised of 37 buildings valued at $103 million in the first quarter of 2011. Prices ticked up a modest six percent on a price per square foot basis and 19 percent on a price per unit basis compared to the first quarter last year.

The Bronx: A lack of portfolio sales led to a dip in dollar volume in the first quarter compared to the fourth quarter of 2011, but year over year comparisons with the first quarter of 2011 show significant gains across the board. In the first quarter 2012, The Bronx had 26 transactions consisting of 40 buildings totaling $136 million, compared to 23 transactions, consisting of 27 buildings totaling $105.7 million in the first quarter of 2011. Prices are increasing moderately and consistently as investors seek out the higher returns the borough offers.

Brooklyn: In the first quarter 2012, Brooklyn had 41 transactions, consisting of 56 buildings totaling $170 million, compared to 24 transactions, consisting of 33 buildings valued at $88.6 million.

Queens: Following a relatively light year for Queens multifamily sales, the first quarter 2012 improved significantly from the fourth quarter of 2011. Queens saw 16 transactions, made up of 22 buildings totaling $98 million in the first quarter of 2012, compared to eight transactions, consisting of 11 buildings totaling $69 million in the fourth quarter 2011, and 17 transactions, consisting of 17 buildings valued at $122.9 million in the fourth quarter of 2011.

Please refer to our Comp-Trak application for a full list of transactions across the five boroughs.

Our Observations For the Week

The New York State Labor Department reported that the state added 21,500 private sector jobs in March 2012, and that since March 2011 the state has added 155,000 private sector jobs. Since the beginning of the state’s economic recovery in November 2009, New York has added 332,900 private sector jobs and regained all of the private sector jobs it lost during the recession. The state’s private sector job count — 7,317,400 — stands at an all-time high. Now for the bad news—because more people are entering the workforce, the state’s unemployment rate remained at 8.5 percent in March compared to 8 percent in March 2011, and New York City’s unemployment rate increased to 9.7 percent compared to 8.8 percent in March 2011. Nationally, the unemployment rate was 8.2 percent in March.

StreetEasy.com reported that in March 2012 compared to the same period a year ago the median listing price of Manhattan sponsor sales increased by 12.4 percent, the number of new listings fell 17.5 percent, and the number of contracts increased 24.5 percent. In March 2012 compared to March 2011, the median listing price of Brooklyn sponsor sales increased 16.4 percent, listings fell 8 percent, and contracts increased 37 percent. For the same period, the median listing price of Queens sponsor sales increased 16.8 percent, listings increased 35.5 percent, and contracts jumped 733.3 percent. The New Development Report is based solely on sponsor sales listings marketed on the StreetEasy.com site.

In December developer Jay Domb is expected to open The Bronx Opera House Hotel, a 61-room, $10 million hotel, on E. 149th Street in The Hub shopping district. The hotel will be built on the site of The Bronx Opera House, which opened in 1913. Domb has restored the Beaux Arts facade of the original structure, and renovated the four-story front section that housed the lobby and three upper level reception halls. The opera house’s 1,920 seat auditorium was condemned and a three-story section was built to replace it.

The NY Post is reporting that Facebook, Amazon, and IBM are seeking between 40,000 and 120,000 square feet of space in the Flatiron, Chelsea, and Meatpacking districts. Another tech giant, Google, is housed in a building in West Chelsea.

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