Source: PropertyShark.com / #Multifamily #Reports
NEW YORK, NY - PropertyShark.com, the premier property search website, today released its quarterly investment property report covering multifamily property sales in New York City for the third quarter of 2011. PropertyShark.com issues the quarterly Investment Property Report to provide real estate investors with quantitative market insight about investment properties in New York City, defined as multifamily and mixed-use properties of four or more units. It does not include single-family homes, coop or condo units, or other commercial or industrial buildings.
Key High-Level Findings:
Dollar volume sees best quarter in four years – multifamily sales totaled $2.5 billion in Q3 2011, the highest value seen in the past 15 quarters. The number was up 70% from Q2 2011 ($1.485 billion) and up by a staggering 173% since the same period of last year ($925 million).
Multifamily sales maintain a steady pace – while Q3 2011 saw an 8% drop in number of sales compared to Q2 2011, the number was up 16% compared to the same period of last year. The current number is representative of the activity in the multifamily sector in the past two years, when sales averaged 493 transactions per quarter.
Price indicators were at their highest levels since Q1 2008 – both the median sale price ($1,170,000) and the median price per unit ($124,998) experienced a double-digit growth (22%) over Q2 2011 and grew by 8% over the same period of last year.
Manhattan was responsible for 80% of the city’s dollar volume – while Manhattan only counts for 28% of the multifamily sales activity in New York City, the borough was responsible for 80% of New York’s dollar volume, followed by Brooklyn with 11% and the Bronx with 6%.
UDR Inc. $443M purchase for Rivergate largest transaction of the quarter – the sale of Rivergate, a 707-unit apartment building in East Midtown, for $443 million was the largest transaction of the quarter. The second largest transaction in Q3 2011, was Macklowe Properties buy of 737 Park Avenue, a 116-unit property on the Upper East Side.
A wholly-owned subsidiary of Yardi Systems Inc, PropertyShark.com offers the information essential to evaluate real estate and make informed decisions. PropertyShark.com, which was named one of TIME.com’s “Top 50 Websites of 2009″, provides real estate professionals, investors and home buyers with data and tools on all aspects of property, including building details, ownership information, recent sales prices, property values and comparable sales, sophisticated maps, for sale and for lease listings, foreclosures and pre-foreclosures, mailing lists, photos, and more. PropertyShark.com was founded by Matthew Haines in 2003.