Manhattan led the city in dollar volume of multifamily sales trades in November, according to the Multifamily Month In Review from Ariel Proeprty Advisors.
The borough saw $618.76 million in multifamily sales across 10 transactions consisting of 25 buildings.
Much of this activity was driven by the $421 million sale of 63-67 Wall Street, two attached rental buildings that combine for a total of 793 units spanning 703,706 square feet.
The sales price represents $598 per square foot. On the Upper East Side, three adjacent mixed-use walk-up buildings at 1771-1775 1st Avenue sold for $22.8 million, which represents $1,053 per square foot and $542,750 per unit.
Brooklyn had a strong month with $312.5 million in multifamily sales across 22 transactions during September, compared to $225 million in dollar volume over 22 transactions in September 2015.
In Bedford-Stuyvesant, a portfolio of three new construction walk-up buildings containing 29 units at 186-194 Herkimer Street & 643 Madison Street sold for $12.8 million, a value that represents a price per square foot of $670. In Park Slope, a 14-unit walk-up multifamily building at 353 12th Street sold for $3.65 million, or $543 per square foot.
Northern Manhattan had a very light month with $22.3 million in sales across 3 transactions, according to Ariel.
While the past two months have been relatively slow in Northern Manhattan, the brokerage said that it is important to remember the area is having a strong 2016 with $1.85 billion in gross consideration so far this year.
One of the noteworthy transactions this month was a 10-unit walk-up multifamily building at 334 East 117th Street in East Harlem that sold for $3.3 million, which translates to $406 per square foot or $330,000 per unit.
The Bronx saw 11 transactions totaling $178 million in September, a strong uptick from the $20 million in gross consideration that traded in August.
In Melrose, a 25-unit walk-up mixed-use building at 295 East 149th Street sold for $5.16 million, which represents a price per square foot of $301 and $206,400 per unit. In Kingsbridge Heights, a 33-unit walk-up building at 2101 Grand Avenue, traded for $6.85 million or $213 per square foot.
Queens saw 131 units trade across 4 transactions totaling $52.65 million in gross consideration for the month of September.
A&E Real Estate purchased a 60-unit walk-up building at 37-33 Lawrence Street in Flushing for $14.25 million, which translates to $331 per square foot or $237,588 per unit.
Another notable transaction took place at 35-52 94th Street, a 16-unit walk-up building in Jackson Heights, which sold for $3.6 million or $282 per square foot.
For the six months ending in September 2016, the average monthly transaction volume decreased slightly to 57 transactions per month and the average monthly dollar volume decreased slightly to $1.036 billion.
