Feb 19, 2019
New York Real Estate Market Updates
Welcome to the Manhattan Multi-Family Sales Real Estate Market Report for the 3rdquarter of 2018.
Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.
Tourists come from all over the world to visit Manhattan, New York’s most iconic borough, and millions conduct their daily lives there. Yet the multi-family market is on the rise this quarter, as opposed to the borough. Sales volume this quarter totaled $1.6 billion, a shocking 31% percent increase over last year’s Q3 sales volume. Square-footage pricing increased as well, going up 10% from 2017 to an average of $658 per square foot.
Average selling prices in Manhattan have increased as well, up 32% percent from last year’s records and coming in at $586,000 across the island while total transactions have decreased 12% percent with just 92 sales in 2018’s second quarter.
Manhattan’s top sales numbers are almost as impressive as its skyscrapers. The third quarter’s top sale is located in the Lincoln Square, where 101 West End Avenue sold for a striking $416,100,000. The building, previously owned by Equity Residential, was sold to a Dermot Company and PGGM as a joint venture.
According to The Real Deal, the sale was brokered by Dough Harmon and Adam Spies for Cushman & Wakefield. The pair have previously worked on other West Side of Manhattan deals with Dermot and PGGM, the second-largest pension fund in the Netherlands.
Just 12 years ago, the building was sold to REIT Archstone-Smith for only $209 million. In 2013, it was acquired by Equity Residential in 2013 after the trust bought 60% of the assets.
Equity Residential President David Neithercut saw the 2018 sale as a chance to reduce the trust’s exposure to Manhattan’s West Side.
The 501-unit building is 630,000 square feet and 33 stories. It was developed by Tishman Speyer, which completed construction in 2000. Current residents enjoy a doorman, concierge service, and many other amenities.
At just $659 per square foot, that sale is below the average square footage of the top ten most expensive Manhattan neighborhoods this quarter.
At the top of the list is West Village, which averages $1,709 per square foot. At $1,306, Lenox Hill is next, followed closely by Greenwich Village at $1,182. The fourth is Yorkville at $1,076 with East Village just below at $1,066. Chelsea holds the sixth position with $893 per square foot, followed by the Upper West Side at $650 and Hell’s Kitchen at $601. Harlem is at $387, and Washington Heights sits at the bottom with just $298 per square foot.
Out of the top 10 neighborhoods, Harlem stayed the neighborhood with the highest volume of multi-family sales in Q3 2018, with 16 total transactions. Both East Harlem and Upper West Side followed close behind, claiming 9-12 sales each.
Although interest continues to grow, Hudson Heights and Inwood average $205 per square foot, making them great neighborhoods for bargain-seekers.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
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