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#

P: 718-715-1758

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[email protected]

MANHATTANMULTIFAMILY MARKET REPORT

3rd Quarter 2016

Multifamily Market Report Overview

The RATNER Team Market Reports

o: 718-747-8215 | c: 347-501-0860 | e: [email protected]

Warren Lewis Sotheby’s International Realty

Multifamily Market Report Overview

Released quarterly, the Manhattan Multifamily Market Report is organized in six distinct sections and it is

designed as a guide to the borough’s multifamily market. The report includes key market stats, the most

up-to-date quarterly sales data, and charts that give a clear picture of current market conditions.

The first section - Multifamily Market Overview - shows the borough’s quarterly sales volume and stats on

average price per square foot and per unit. Small, medium, and large multifamily buildings are also

accounted for separately and sales stats are provided for each category.

Following a list of top 25 most expensive multifamily sales, Manhattan neighborhoods are ranked by

average price per square foot over the past quarter. Each neighborhood has its own one-page snapshot

with stats and trends for the local multifamily market.

Table of Contents

123456

Multifamily Market Overview

Top 25 Multifamily Sales

Map of Neighborhoods

Top Neighborhoods

Sales Maps

Stats by Neighborhood

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Small (up to 10 units), Medium (between 10 and 50 units), Large (more than 50 units)

P: 718-715-1758 www.PropertyShark.com [email protected]

Large multifamily

Medium multifamily

Small multifamily

-25% YoY

Transactions

-16% YoY

Average price/unit

-10% YoY

Average price/sq.ft.

-42% YoY

Sales volume


Manhattan, 3rd Quarter 2016

$1.6B $579 $421K 155

$878

$

$500

$1,000

$1,500

$2,000

Q1-

2014

Q2-2

014

Q3-2

014

Q4-2

014

Q1-

2015

Q2-2

015

Q3-2

015

Q4-2

015

Q1-

2016

Q2-2

016

Q3-2

016


53

$253M

0

20

40

60

80

100

$

$200M

$400M

$600M

$800MSales volume / Transactions

$584

$

$200

$400

$600

$800

Q1-

2014

Q2-2

014

Q3-2

014

Q4-2

014

Q1-

2015

Q2-2

015

Q3-2

015

Q4-2

015

Q1-

2016

Q2-2

016

Q3-2

016


97

$783M

0

50

100

150

$

$500M

$1B

$2BSales volume / Transactions

$500

$

$200

$400

$600

$800

Q1-

2014

Q2-2

014

Q3-2

014

Q4-2

014

Q1-

2015

Q2-2

015

Q3-2

015

Q4-2

015

Q1-

2016

Q2-2

016

Q3-2

016


5

$597M051015202530

$ $1B $2B $3B $4B $5B $6B

Sales volume / Transactions

1





# Address Sale Price Sale Date Sq.ft. Price/Sq.ft.

Financial District

3 630 Lenox Ave $98,000,000 11-Jul-16 370,636 $264 Harlem

2 67-75 Wall St $182,391,612 30-Sep-16 303,175 $602

Neighborhood

1 63 Wall St $239,114,604 30-Sep-16 400,531 $597 Financial District

Carnegie Hill

6 50-56 Manhattan Ave $25,800,000 06-Jul-16 42,783 $603 Manhattan Valley

5 118 E 93 St $38,500,000 21-Jul-16 42,857 $898

Harlem

4 134-138 W 58 St $61,500,000 26-Jul-16 61,791 $995 Theatre District - Times Square

620 Lenox Ave $98,000,000 11-Jul-16 370,636 $264

UWS

9 28 Thayer St $19,700,000 24-Aug-16 64,255 $307 Hudson Heights

212 AIR RGTS W 96 St $22,200,000 19-Jul-16 22,000 $1,009

Yorkville

8 210 W 96 St $22,200,000 19-Jul-16 22,000 $1,009 UWS

7 1771-1775 1 Ave $22,795,500 22-Sep-16 21,640 $1,053

UWS

12 121 Chambers St $16,200,000 16-Aug-16 18,500 $876 TriBeCa

11 477 Amsterdam Ave $17,100,000 21-Jul-16 9,500 $1,800

Hudson Heights

10 1495 3 Ave $18,200,000 26-Sep-16 10,946 $1,663 Yorkville

14 Thayer St $19,700,000 24-Aug-16 64,255 $307

Chelsea

316 W 39 St $16,000,000 18-Aug-16 13,500 $1,185 Garment District

255 10 Ave $16,000,000 08-Sep-16 5,262 $3,041

Chelsea

14 314 W 39 St $16,000,000 18-Aug-16 13,500 $1,185 Garment District

13 253 10 Ave $16,000,000 08-Sep-16 5,262 $3,041

Harlem

102 W 138 St $15,500,000 26-Jul-16 59,835 $259 Harlem

100 W 138 St $15,500,000 26-Jul-16 59,835 $259

Hudson Heights

16 539 Lenox Ave $15,500,000 26-Jul-16 59,835 $259 Harlem

15 220 Wadsworth Ave $15,600,000 15-Aug-16 56,652 $275

Greenwich Village

19 13 Christopher St $12,450,000 10-Aug-16 8,280 $1,504 Greenwich Village

182 Waverly Pl $14,000,000 26-Sep-16 8,522 $1,643

Lenox Hill

18 184 Waverly Pl $14,000,000 26-Sep-16 8,522 $1,643 Greenwich Village

17 1291 3 Ave $15,000,000 07-Sep-16 6,074 $2,470

Yorkville

23 209 W 20 St $11,575,000 10-Aug-16 8,525 $1,358 Chelsea

22 225 E 82 St $11,850,000 11-Aug-16 11,838 $1,001

Washington Heights

21 44 Grand St $12,100,000 08-Jul-16 10,150 $1,192 SoHo

20 247-251 Audubon Ave $12,300,000 27-Jul-16 49,380 $249


Bowery

25 414 E 78 St $11,200,000 15-Sep-16 13,004 $861 Lenox Hill

24 3 E 3 St $11,500,000 12-Aug-16 3,140 $3,662



2







Average price per square foot (past 3 years)

3

Top Neighborhoods




# NeighborhoodAverage

price/sq.ft.Sales volume

No. of

sales

Avg. price/sqft by multifamily size

Small Medium Large

$876 -

4 Chelsea $853 $62,670,000 11 $1,167 $537 -

3 Yorkville $972 $98,741,212 9 $1,454

$1,239 -

2 UWS $1,195 $90,330,000 9 $964 $1,374 -

1 Greenwich Village $1,411 $39,950,000 4 $1,666

$654 -

8 Clinton - Hell's Kitchen $714 $118,536,000 17 - $714 -

7 NoLIta $783 $22,992,500 3 $1,365

$1,030 -

6 East Village $784 $51,279,112 9 $882 $749 -

5 Lenox Hill $813 $78,124,154 9 $106

$411 -

12 Washington Heights $312 $64,720,000 10 $338 $311 -

11 East Harlem $413 $31,409,533 11 $415

$648 -

10 Hamilton Heights $442 $13,161,000 5 $551 $371 -

9 Manhattan Valley $648 $42,125,000 3 -

$248 -


15 Inwood $248 $18,000,000 3 -

$293 $264

14 Hudson Heights $288 $50,675,000 5 - $295 $275

13 Harlem $294 $167,090,467 21 $581

Top Neighborhoods


This is a ranking of Manhattan neighborhoods based on average sale price per sq.ft.

Only neighborhoods with a minimum of 3 property sales where square footage is available were considered.

4

Sales Maps





This heat map displays the price per square foot

for properties sold in the past 5 years. The areas in

dark red are the most expensive.

Price / Sq.ft.

The map displays recent sales activity. The

areas in dark blue were the most active in terms

of closed sales.

Recent sales

Sales Maps


5




Units

Small $1,387,419 7% $1,167 -31% $43,010,000 7 8 31

ChelseaManhattan, 3rd Quarter 2016

Multifamily size Avg. price/unit Y-o-Y Avg. price/sqft Y-o-Y Sales volume Sales Buildings

0 0



4 4 57

Large - - - - $0 0

Medium $344,912 -53% $537 -49% $19,660,000

Type of Properties Sold

-27% YoY

Number of Transactions

-17% YoY

Average Sale Price per Sq.ft.

-87% YoY

Sales volume

Chelsea is one of the most popular neighborhoods in Manhattan and

manages to balance being a cultural capital of the city while still

maintaining its cozy residential feel. Points of interest include Chelsea

Market, which takes up an entire city block and is home to the Food

Network studios and Chelsea Piers, a 28-acre waterfront sports village.

$62.7M

$ $100M $200M $300M $400M $500M $600M

Sales volume

$62.7M

$853

$

$500

$1,000

$1,500

$2,000Average Sale Price per Sq.ft.

$853

11

0

5

10

15

20Number of Transactions

11

6




Units

Small - - - - $0 0 0 0

Clinton - Hell's KitchenManhattan, 3rd Quarter 2016


0 0



17 17 329

Large - - - - $0 0

Medium $360,292 -50% $714 -28% $118,536,000


467% YoY


-17% YoY


-29% YoY

Sales volume

High-rises are the order of the day in some parts of Hell’s Kitchen but

there are also plenty of historic NYC condos, apartments, and residential

homes. Residents are proud of the neighborhood’s unique rough-and-

tumble vibe and buyers choose it for its convenient proximity to the lush

greens of Central Park, the theaters on Broadway, and the old-world

charm of its mom and pop shops.

$118.5M

$

$100M

$200M

$300M

$400M

$500MSales volume

$118.5M

$714

$$200$400$600$800

$1,000$1,200


$714

17

0

5

10

15


17

7




Units

Small $472,790 -9% $415 -9% $14,656,500 7 7 31

East HarlemManhattan, 3rd Quarter 2016


0 0



4 4 56

Large - - - - $0 0

Medium $299,161 18% $411 -8% $16,753,033


57% YoY


-9% YoY


53% YoY

Sales volume

Also known as Spanish Harlem or El Barrio, and formerly as Italian

Harlem, East Harlem is full of vibrancy in the form of huge murals,

museums, and good subway access. It’s a bustling neighborhood full of

nightlife, art, community gardens, churches, and unique local businesses.

Parking is relatively easy and residents enjoy a tight community vibe.

$31.4M

$ $100M $200M $300M $400M $500M $600M

Sales volume

$31.4M

$413

$

$100

$200

$300

$400

$500Average Sale Price per Sq.ft.

$413

11

0

5

10

15

20


11

8




Units

Small $721,088 -10% $882 -11% $15,142,840 3 3 21

East VillageManhattan, 3rd Quarter 2016


0 0



6 6 81

Large - - - - $0 0

Medium $446,127 34% $749 27% $36,136,272


-55% YoY


62% YoY


-62% YoY

Sales volume

Home to a number of artistic movements including punk rock and the

Nuyorican literary movement, East Village is a diverse community with a

unique artistic vibe and vibrant 24/7 nightlife. The neighborhood is home

to parks, indie record stores, and budget-minded eateries. Housing

options here include co-ops, condos, and some rare examples of the

townhouse.

$51.3M

$ $50M

$100M $150M $200M $250M $300M

Sales volume

$51.3M

$784

$

$200

$400

$600

$800


$784

9

0

5

10

15

20


9

9




Units

Small $1,076,923 -4% $1,666 10% $19,000,000 2 2 13

Greenwich VillageManhattan, 3rd Quarter 2016


0 0



2 2 29

Large - - - - $0 0

Medium $722,414 -68% $1,239 -19% $20,950,000


33% YoY


-8% YoY


-46% YoY

Sales volume

New York history is rich in Greenwich Village. Locals have successfully

had much of it designated a historic district. It’s home to the city’s

biggest concentration of Federal-style row houses and a group of 22

homes that share a common back yard. Once known for its bohemian

attitude, the Village is now one of NYC’s most sought-after

neighborhoods.

$40.0M

$

$50M

$100M

$150M

$200MSales volume

$40.M

$1,411

$

$1,000

$2,000

$3,000


$1,411

4

0

5

10


4

10




Units

Small $314,765 - $551 4% $6,501,000 4 3 17

Hamilton HeightsManhattan, 3rd Quarter 2016


0 0



1 1 21

Large - - - - $0 0

Medium $317,143 7% $371 -14% $6,660,000


-17% YoY


20% YoY


-86% YoY

Sales volume

Located in North Manhattan, Hamilton Heights is named after founding

father Alexander Hamilton. Housing options include brownstones,

rowhouses, and spacious apartments. There are more than half a dozen

subway lines running through this neighborhood and many express and

local buses. Landmarks include the historic district Historic Hamilton

Heights.

$13.2M

$

$50M

$100M

$150MSales volume

$13.2M

$442

$

$100

$200

$300

$400


$442

5

0

5

10


5

11




Units

Small $357,771 30% $581 80% $22,658,500 12 11 59

HarlemManhattan, 3rd Quarter 2016


2 518



8 12 215

Large $189,189 -37% $264 -11% $98,000,000 1

Medium $215,963 -15% $293 -4% $46,431,967


-51% YoY


-5% YoY


-23% YoY

Sales volume

Home to the Apollo Theater, Harlem is made up of elegant row houses,

city parks with world famous landmarks like Hamilton Grange and Mount

Morris Fire Watchtower, shops, music halls, and eateries of all types and

price points. There are ten trains and 26 train stations in Harlem, which

makes it a great choice for buyers who plan to commute.

$167.1M

$ $50M

$100M $150M $200M $250M $300M

Sales volume

$167.1M

$294

$

$100

$200

$300


$294

21

0

20

40

60


21

12




Units

Small - - - - $0 0 0 0

Hudson HeightsManhattan, 3rd Quarter 2016


1 54



4 5 153

Large $288,889 20% $275 22% $15,600,000 1

Medium $229,248 39% $295 40% $35,075,000


25% YoY


30% YoY


18% YoY

Sales volume

Primarily a residential neighborhood, Hudson Heights has an abundance

of apartments, townhomes, co-ops, and high-rises. Art Deco is the most

prominent architecture style with Tudor Revival coming a close second.

The highest point in all of Manhattan is located in Hudson Heights,

which, as the name implies, offers views of the Hudson River.

$50.7M

$

$50M

$100M

$150MSales volume

$50.7M

$288

$

$100

$200

$300


$288

5

0

5

10

15


5

13




Units

Small - - - - $0 0 0 0

InwoodManhattan, 3rd Quarter 2016


0 0



3 3 91

Large - - - - $0 0

Medium $197,802 -40% $248 -34% $18,000,000


50% YoY


-28% YoY


-43% YoY

Sales volume

Located in the northern part of Manhattan, Inwood feels far away from

the fast pace of stereotypical Manhattan, thanks to the lush, forested

parks and local salt marshes. Luckily, this distance doesn’t result in a lack

of diversity. This is a unique neighborhood for renters or buyers who

want low-key, pastoral living with easy access to the city.

$18.0M

$

$10M

$20M

$30M

$40MSales volume

$18.M

$248

$

$100

$200

$300


$248

3

0

2

4

6


3

14




Units

Small $300,000 -75% $106 -93% $2,400,000 1 1 8

Lenox HillManhattan, 3rd Quarter 2016


0 0



8 9 154

Large - - - - $0 0

Medium $491,715 -20% $1,030 12% $75,724,154


-40% YoY


-13% YoY


-65% YoY

Sales volume

Perhaps best known as the home of Lenox Hill Hospital, there are many

luxury residences from the 1910s and ‘20s in Lenox Hill, alongside newer

co-ops, condos, and high rises. The streets are lined with boutiques, five-

star hotels, art galleries, and museums – including the Frick Collection.

There is just one subway but it is close to Central Park.

$78.1M

$

$100M

$200M

$300M

$400MSales volume

$78.1M

$813

$

$1,000

$2,000

$3,000


$813

9

0

5

10

15


9

15




Units

Small - - - - $0 0 0 0

Manhattan ValleyManhattan, 3rd Quarter 2016


0 0



3 3 80

Large - - - - $0 0

Medium $526,563 43% $648 12% $42,125,000


200% YoY


12% YoY


134% YoY

Sales volume

Formerly known as the Bloomingdale District, Manhattan Valley is made

up of a combination of new developments and pre-war buildings. The

ample green spaces and access to three subway lines attract both

commuters and families. Columbus Square, an expanding new

development, has hundreds of condos, 500,000+ square feet of retail

space, and eateries.

$42.1M

$

$50M

$100M

$150MSales volume

$42.1M

$648

$$200$400$600$800

$1,000$1,200


$648

3

0

5

10

15


3

16




Units

Small $906,250 - $1,365 - $7,250,000 1 1 8

NoLItaManhattan, 3rd Quarter 2016


0 0



2 2 41

Large - - - - $0 0

Medium $383,963 - $654 - $15,742,500


-


-


-

Sales volume

Short for “North of Little Italy,” NoLita is a trendy neighborhood lined

with designer boutiques, narrow streets, sidewalk cafes and up-to-the-

minute hotspots. With five train stations, commuting is a breeze. This

neighborhood is a great choice for buyers looking for a bustling

Manhattan neighborhood.

$23.0M

$

$20M

$40M

$60M

$80M

$100M

Q1-2013 Q1-2015 Q2-2015 Q4-2015 Q1-2016 Q2-2016 Q3-2016

Sales volume

$23.M

$783

$

$500

$1,000

$1,500

$2,000

$2,500

Q1-2013 Q1-2015 Q2-2015 Q4-2015 Q1-2016 Q2-2016 Q3-2016


$783

3

0

1

2

3

4

5

Q1-2013 Q1-2015 Q2-2015 Q4-2015 Q1-2016 Q2-2016 Q3-2016


3

17




Units

Small $1,678,947 27% $964 -25% $31,900,000 3 3 19

UWSManhattan, 3rd Quarter 2016


0 0



6 6 60

Large - - - - $0 0

Medium $973,833 171% $1,374 123% $58,430,000


-18% YoY


41% YoY


-26% YoY

Sales volume

The Upper West Side, often shortened to UWS, is conveniently situated

between Central Park and the Hudson River. This primarily residential

neighborhood has a diverse population but is known as a top choice for

business workers. Prices are higher in UWS than in most other NYC

neighborhoods but the laidback atmosphere can be worth it.

$90.3M

$

$100M

$200M

$300M

$400M

$500MSales volume

$90.3M

$1,195

$

$500

$1,000


$1,195

9

0

5

10

15


9

18




Units

Small $188,571 -38% $338 -11% $2,640,000 2 2 14

Washington HeightsManhattan, 3rd Quarter 2016


0 0



8 9 240

Large - - - - $0 0

Medium $258,667 4% $311 8% $62,080,000


-44% YoY


9% YoY


-62% YoY

Sales volume

Though less dense than other Manhattan neighborhoods, Washington

Heights offers good transportation options. This neighborhood is home

to ten outdoor parks, including Bennet Park – famous for including the

highest natural point in Manhattan. The Cloisters museum, in

Washington Heights’ Fort Tryon Park, is one of the most important

tourist attractions in North Manhattan.

$64.7M

$

$50M

$100M

$150M

$200M

$250MSales volume

$64.7M

$312

$

$100

$200

$300


$312

10

0

5

10

15


10

19




Units

Small $1,543,750 41% $1,454 36% $24,375,000 2 1 4

YorkvilleManhattan, 3rd Quarter 2016


0 0



7 7 166

Large - - - - $0 0

Medium $447,989 -23% $876 -26% $74,366,212


-53% YoY


-5% YoY


-61% YoY

Sales volume

Home to Gracie Mansion, the home of the New York City mayor,

Yorkville doesn’t have a single subway station and has some of the

farthest walks in all of Manhattan to any subway station. Buyers who

aren’t afraid of the walk can find affordable condos in classic walk-up

buildings and access to several universities and numerous large city

parks.

$98.7M

$

$200M

$400M

$600M

$800MSales volume

$98.7M

$972

$$200$400$600$800

$1,000$1,200


$972

9

0

5

10

15


9

20

Attractions





Garden of the Cloisters Museum

Attractions


Central Park

21




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