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Deals & Dealmakers

Stuy Town deal boosts December multifamily figures

December multifamily figures experienced considerable year over year gains in dollar volume, due in large part to the sale of Stuyvesant Town & Peter Cooper Village for $5.45 billion.

Stuyvesant Town. Photo by Marianne O'Leary/ Flickr
Stuyvesant Town. Photo by Marianne O’Leary/ Flickr

After excluding this sale, city-wide dollar volume would be down roughly 31 percent compared to December of 2014, according to Ariel Property Advisors new report.

For the month, New York City saw 60 transactions comprised of 115 buildings totaling $6.551 billion in gross consideration.

This represents a 312 percent increase in dollar volume, a one percent decrease in building volume and a nine percent decrease in transaction volume compared to November 2015, which saw 66 transactions comprised of 116 buildings totaling $1.592 billion in gross consideration.

Blackstone’s purchase of Stuyvesant Town & Peter Cooper Village, one of the largest multifamily transactions ever recorded, accounted for roughly 83 percent of the entire city’s total dollar volume for December.

The complex’s sale helped boost Manhattan’s dollar volume 452% year-over-year.

Queens’ increasing pricing and increased demand enabled four multifamily deals to close north of $20 million.

The largest deal took place in Flushing, where Treetop Development purchased a large portfolio of 608 units – almost all of which are rent stabilized – for $138.8 million, or $261 per square foot

The Bronx had a healthy month as the borough saw 36 buildings trade across 14 transactions totaling $178.54 million in gross consideration.

Northern Manhattan finished the year with a strong December as the submarket saw 10 transactions consisting of 23 buildings totaling $136.995 million in gross consideration – a 37 percent increase in dollar volume from a year ago.

Brooklyn had a relatively quiet month, experiencing year over year declines in transaction, building and dollar volume.

For the six months ended in December 2015, the average monthly transaction volume decreased to 58 transactions per month.

The average monthly dollar volume increased significantly to $1.991 billion.

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