NYC's Multifamily Real Estate Market Dominated in the Third Quarter

Written By Laura Schier | December 04, 2018
2018%2f12%2f04%2f16%2f24%2f49%2f93c34898 2409 4336 9522 5fb6b28e8065%2fmanhattan

New York City's multifamily real estate market continues to rise. Ariel Property Advisors recently reported that multifamily deals during the month of September made up a significant amount the 115 deals made across 186 buildings throughout the third quarter in 2018. In September, multifamily home sales in NYC represented nearly half of the dollar volume of total sales across the city for the third quarter of 2018, making up $1.02 billion of the total $2.23 billion of sales overall, according to The Real Deal. With 33 deals across 78 buildings, the city saw year-over-year increases of 139 percent in dollar volume, 100 percent in building volume, and 10 percent in deal volume.

The city saw significant increases in dollar volume, transaction volume, and building volume from the previous year, which reported increases of 40 percent, 12 percent, and 22 percent, respectively. Manhattan was reportedly the borough with the highest dollar volume of sales for the month with $683.44 million in sales, representing over 50 percent of the city’s total dollar volume. The borough experienced a 335 percent increase in dollar volume in September. There were 10 deals involving 11 different buildings in the city representing increases of 43 percent and 38 percent, respectively.

A big contributor to the significant increase in dollar volume was 101 West End Avenue, which sold for $416.1 million to a Dutch pension fund and the Dermot Company from Equity Residential. This sale represented the largest multifamily deal of the year in the city from the beginning of the year to September, according to The Real Deal. The outer boroughs saw similarly large deals throughout the year; in Queens, Parker Towers was purchased by the Blackstone Group for $500 million, and in Brooklyn, Starrett City was acquired for $905 million by Brooksville Company and Rockpoint Group.

The city’s performance for the month of September was carried more heavily by some boroughs than others. The Bronx’s multifamily market was strong throughout the month, as the borough reported nine deals with 22 buildings for a total of $121.78 million. These numbers represented year-over-year increases of 200, 633, and 232 percent, respectively. Northern Manhattan, however, did not fare as well in September. The area reported 5 deals across 10 buildings for total sales of $52.17 million, and although building volume increased by 11 percent year-over-year, transaction volume and dollar volume decreased by 17 percent and 38 percent, respectively. With seven deals, 33 buildings, and $155.78 million in sales, Brooklyn’s multifamily market experienced a 46 percent decrease in sales volume, but increases of property volume and dollar volume of 83 and 9 percent. Finally, Queens kept up its pattern of having a slow multifamily market, with two sales involving two buildings for total sales of $5.75 million. Although the borough had fewer deals compared to the others in September, it still saw 100 percent increases in both building and transaction volume, as well as a 19 percent rise in dollar volume year-over-year.

Blog Archive


This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. © 2021 REBNY Listing Service, Inc. All rights reserved. RLS IDX Data display by Elegran LLC. IDX information is provided exclusively for consumers’ personal, non- commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Elegran LLC may or may not be the exclusive listing agent of the properties being displayed on All data displayed on is presented for informational purposes only and should be independently confirmed by all customers. All Information is compiled from both public and private sources including, but not limited to the RLS, MLS and ACRIS; each of which is assumed to be reliable. All information displayed is subject to errors and omissions regarding apartment specifications and final sale prices, and further, any unit listed may have had its listing withdrawn without notice subsequent to such information being compiled. No representation is made as to the accuracy of any description (ie: listing, close sale data, and/or building description) of any building or individual unit. All measurements and square footage are approximate and all information herein should be confirmed by customer and/or their attorney. Elegran LLC, its members, affiliates, and contributors adhere to New Your City, New York State, and United States Fair Housing Laws.