MANHATTAN MULTIFAMILY
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1 SALES REPORT Q MANHATTAN MULTIFAMILY
2 MULTIFAMILY SALES REPORT INTRODUCTION Dear Friends and Investors, Peter Von Der Ahe Marcus & Millichap As we finish up the first quarter of 2017, we have seen that the multifamily market has been the opposite of what the experts originally predicted. Our team s inventory and transaction volume is significantly higher when compared to one year ago. Why? The following three trends explain what exactly contributed to the change in the multifamily market. More Inventory: More product has come to market throughout the first quarter of More potential sellers are asking for opinions of value and our listing inventory is up approximately 35%. The mindset of sellers has transitioned from spooked to optimistic, as owners have become more adjusted and comfortable with the increase in interest rates. Sellers who were thinking of selling within the next 24 to 36 months have decided to move to the market now. Realistic Expectations: Sellers are more motivated than ever, which translates into realistic pricing of assets. Understanding that, sellers are not overstretching and hurting themselves by pricing too far out of the market. This has created a fertile environment for transactions. From our view, we currently are seeing the most realistic pricing expectations from the selling community in two to three years. Connecting Capital with Opportunities: Our teams ability to match different capital sources with new opportunities has been our jet fuel. More than any time in the city s history, buyers are willing to move from borough to borough, and neighborhood to neighborhood. A seller from the Bronx is buying in Manhattan, Brooklyn owners are looking in the Bronx, and so on. Without territory restrictions, our team provides a perspective on the market owners cannot find anywhere else. In this report, you will see the largest sales of the quarter 312 East 30th Street, 65 Bank Street, 315 West 102nd Street, 167 William Street, all traded for an aggregate value of $125,500,000. Please refer to the key on the following page for additional details on these transactions. I hope you find this information valuable, should you be interested in learning more about the increase in transactions, head over to our team blog at Best Regards, pvonderahe@ipausa.com
3 MANHATTAN TRANSACTION KEY We research and understand the metrics on every sale in the marketplace. In certain cases, the current Cap Rate or Gross Rent Multiplier (GRM) will indicate a value that is inconsistent with the actual transaction. Therefore, for sales with special circumstances, we have created the below key to provide further clarity into the sale. For specific information on any transaction, feel free to contact us at DELIVERED VACANT The property was either delivered vacant, sold on the basis of being vacant, or subsequently vacated. As a result, operating income and expense metrics are not relevant. SOLD TO END USER The property was purchased with the buyer intending to occupy all or part of the residential or commercial (if applicable) portion of the property for their own use. Typically, user value reflects a premium over investor value. REDEVELOPMENT The property was purchased with the assumption that all or a substantial portion of the property will be redeveloped, (e.g. conversion to condo). Therefore, the relevant operating metrics are not current operations, but are based on projections of potential future income and expenses. REPOSITIONED The property was purchased with the buyer intending to transition the commercial space, (e.g. release to new tenant), substantially increase rents, or combine/separate the existing space(s). Therefore, the relevant operating metrics are unavailable. ESTATE SALES The disposition of the property was supervised by an Executor or Administrator and not by the former owner. Estate sales can be affected by timing issues like taxes due or lacking someone to operate the property. The values achieved in an estate sale often reflect a transaction in which the decision maker may or may not have directly benefitted from the outcome. The property was sold as a result of financial pressures from creditors usually foreclosure or preforeclosure. Typically these pressures limit the seller s ability to achieve fair market value. OUR REPORT Our report is divided into nine neighborhoods, as displayed above, featuring Manhattan multifamily sales from Q1 of 2017 valued over $1,000,000. Washington Heights & Inwood Harlem Upper West Side Midtown West & Chelsea Greenwich & West Village Downtown Upper East Side Midtown East East Village
4 MANHATTAN LARGEST MULTIFAMILY SALES With a commitment to integrity, we operate with our ears to the ground. 312 East 30th Street February 2017 $52,000, Units $1,087 Price/SF 65 Bank Street March 2017 $31,000, Units $1,210 Price/SF 315 West 102nd Street January 2017 $23,500, Units $648 Price/SF 167 William Street February 2017 $19,000, Units $611 Price/SF *Includes only single asset transactions
5 MULTIFAMILY SALES REPORT MARKET INDICATORS Average Price Per Square Foot Below 96th Street Q $1,050 $941 Q $1,025 $927 Q $1,009 $878 Average Price Per Square Foot Above 96th Street Q $337 $393 Q $350 $431 Q $369 $277 Largest Multifamily Sales, 20 Million+ Current Quarter vs Previous Two Quarters Q SALES Q SALES Q SALES
6 MULTIFAMILY SALES REPORT SECTION I SALES BY NEIGHBORHOOD
7 MANHATTAN MANHATTAN Greenwich Village, Downtown, West Village, and East Village PROPERTY DATE PRICE UNITS CAP RATE GRM SF $/SF 201 Chrystie Street Mar-17 $8,000,000 1 Redevelopment 5, Bank Street Mar-17 $6,260, % ,145 $ Bank Street Mar-17 $31,000, % ,614 $1, First Avenue Mar-17 $5,825,000 6 Value Add 5,080 $1, William Street Feb-17 $19,000, % ,073 $ Broome Street Jan-17 $15,750, % ,737 $1, Attorney Street Jan-17 $3,800,000 1 Redevelopment 1, Avenue B Jan-17 $7,215, % ,608 $1, East 7th Street Jan-17 $13,835, Value Add 20,225 $ Ave Of The Americas Jan-17 $5,570, % ,680 $2, Chrystie Street 167 William Street 558 Broome Street 148 Attorney Street 471 Avenue Of The Americas 46 Bank Street 65 Bank Street 118 First Avenue 165 Avenue B 114 East 7th Street
8 MANHATTAN MANHATTAN Midtown East PROPERTY DATE PRICE UNITS CAP RATE GRM SF $/SF 316 Lexington Avenue Mar-17 $7,037, % ,844 $1, East 30 Street Feb-17 $52,000, % ,820 $1, East 36th Street Feb-17 $4,300, % ,304 $ East 30th Street Jan-17 $4,800, Value Add 6,895 $ Lexington Avenue 312 East 30 Street 127 East 36th Street 137 East 30th Street
9 MANHATTAN MANHATTAN Midtown West PROPERTY DATE PRICE UNITS CAP RATE GRM SF $/SF 256 West 15 Street Mar-17 $14,100, % ,730 $1, th Avenue Mar-17 $11,500, % ,330 $ West 58th Street Feb-17 $11,435, % ,625 $1, th Avenue Feb-17 $8,250,000 9 Redevelopment 9,619 $ West 28 Street Feb-17 $11,000, Redevelopment 11,538 $ Ave of the Americas Feb-17 $12,750, % ,988 $2, West 22 Street Feb-17 $8,000,000 4 Delivered Vacant 4,300 $1, West 14th Street Feb-17 $17,700, % ,940 $1, West 22 Street Feb-17 $8,300,000 Delivered Vacant 3,725 $2, West 46 Street Jan-17 $12,500, % ,316 $1, West 24 Street Jan-17 $9,174,156 3 Redevelopment 3, West 15th Street Jan-17 $3,485, % ,100 $ West 15 Street th Avenue 454 West 58th Street 854 7th Avenue 221 West 28 Street 832 Avenue of the Americas 348 West 22 Street West 14th Street 444 West 22 Street West 46 Street
10 MANHATTAN MANHATTAN Upper East Side PROPERTY DATE PRICE UNITS CAP RATE GRM SF $/SF 339 East 75th Street Mar-17 $9,800, % ,370 $1, East 73 Street Mar-17 $9,890, Value Add 5,135 $1, East 86th Street Feb-17 $42,000, Redevelopment 16,240 $1, nd Avenue Feb-17 $12,700, % ,070 $ East 84th Street Feb-17 $4,850, % ,846 $ East 83rd Street Jan-17 $6,600, % ,835 $ Third Avenue Jan-17 $26,000, Redevelopment 11,400 $2, Lexington Avenue Jan-17 $15,800, % ,596 $1, East 89th Street Jan-17 $5,075, % ,404 $ East 85th Street Jan-17 $12,500, Sold To End User 9,745 $1, B East 85th Street Jan-17 $8,140, % ,375 $ East 60th Street Jan-17 $5,625, % ,720 $ East 81st Street Jan-17 $6,000, % ,716 $ East 75th Street 239 East 73 Street East 86th Street nd Avenue 303 East 84th Street 333 East 83rd Street Third Avenue 1442 Lexington Avenue 146 East 89th Street 104 East 85th Street
11 MANHATTAN MANHATTAN Upper West Side PROPERTY DATE PRICE UNITS CAP RATE GRM SF $/SF 25 West 89 Street Mar-17 $6,990, Sold To End User 6,270 $1, West 88 Street Feb-17 $11,650,000 4 Sold To End User 5,509 $2, West 86 Street Feb-17 $11,700,000 9 Sold To End User 9,396 $1,245 Manhattan Valley Jan-17 $37,908, Value Add 143,101 $265 Affordable Portfolio 143 West 74 Street Jan-17 $5,100, Value Add 6,122 $ West 74 Street Jan-17 $5,100, Value Add 6,180 $ West 106th Street Jan-17 $9,400, % ,390 $ West 102 Street Jan-17 $23,500, % ,252 $648 5 West 101st Street Jan-17 $10,350, % ,805 $ West 89 Street 21 West 88 Street 14 West 86 Street Manhattan Valley Affordable Portfolio 143 West 74 Street 145 West 74 Street 21 West 106th Street 315 West 102 Street 5 West 101st Street
12 MANHATTAN MANHATTAN Harlem PROPERTY DATE PRICE UNITS CAP RATE GRM SF $/SF West 146th St Mar-17 $23,000, % ,500 $ West 147th Street Jan-17 $7,300, ,646 $ East 102nd Street Jan-17 $14,700, ,129 $ St. Nicholas Avenue Jan-17 $4,325, % ,105 $ West 111 Street Jan-17 $8,600, % ,310 $ West 146th Street 304 West 147th Street 109 East 102nd Street 422 St. Nicholas Avenue 309 West 111 Street
13 MANHATTAN MANHATTAN Washington Heights & Inwood PROPERTY DATE PRICE UNITS CAP RATE GRM SF $/SF 69 Pinehurst Ave Mar-17 $7,500, % ,730 $ Amsterdam Ave Mar-17 $13,000, % ,224 $ West 183 Street Mar-17 $1,280, % ,590 $ Post Avenue Jan-17 $5,832, % ,320 $ West 162nd Street Jan-17 $12,000, ,624 $ Pinehurst Ave 2220 & 2224 Amsterdam Avenue 555 West 183 Street 48 Post Avenue 543 West 162nd Street
14 MULTIFAMILY SALES REPORT SECTION II COMMERCIAL DEBT FINANCING
15 RECENT FINANCING Piazza Edgecombe Portfolio Refinance Loan 92-Unit Mixed-Use Manhattan, Hamilton Heights 25 Dongan Place Refinance Loan 50-Unit Multi-Family Manhattan, Hudson Heights Andrew Dansker Marcus & Millichap Strong existing relationships with both national and regional lenders. With more than ten years in the real estate industry, Andrew leads our capital team in securing commercial debt financing for an array of property types. 211 Henry Street Refinance Loan 11-Unit Mixed-Use Manhattan, Lower East Side 244 West 56 th Street Refinance Loan 25-Room Hotel Manhattan, Midtown West
16 MULTIFAMILY SALES REPORT SECTION III ABOUT US
17 WHY NYM? Our specialized focus in NYC mid-market multifamily real estate, backed by the power and resources of Marcus & Millichap uniquely positions us to create optimal opportunities for both private capital and institutional investments. NICHE EXPERTISE We specialize only in multifamily properties, only in New York City, customizing our strategy around you. MIDDLE MARKET Backed by the nation s largest private client brokerage, we bridge the gap between private and institutional capital. CREATING OPPORTUNITIES We are positioned to source exclusive opportunities for our clients sellers frequently become buyers with NYM. BROKERAGE AS A VERB We don t simply market properties we aggressively sell them in pursuit of the best outcomes for clients.
18 MULTIFAMILY SALES REPORT LEADERSHIP NYM The number one multifamily investment sales team in New York City. Peter Von Der Ahe Scott Edelstein Joe Koicim Shaun Riney Seth Glasser David Lloyd Michael Salvatico Thomas Shihadeh
19 MULTIFAMILY SALES REPORT UNDISTRACTED BY OTHER PROPERTY TYPES OR PRODUCTS, OUR MARKET INFORMATION AND ACCESS TO INVENTORY IS UNPARALLELED. Our goal is to utilize our niche expertise and experience to fulfill the needs of the buying and selling clients we represent. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or unit count are approximate. Recipient must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. 2016Marcus & Millichap
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SALES REPORT Q BRONX MULTIFAMILY.
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VISION BUILDERS PORTFOLIO NEW YORK NY M A R K E T I N G T E A M Peter Von Der Ahe 260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5114 Fax: (646) 349-3308 pvonderahe@mmreis.com Scott Edelstein
More information$4,950,000 8,675 $571 $31, ' 125 Madison Street Is being offered at LISTING METRICS. Peter Von Der Ahe
125 Madison Street Is being offered at $4,950,000 LISTING METRICS pvonderahe@mmreis.com jkoicim@mmreis.com david.lloyd@mmreis.com corey.isdaner@mmreis.com logan.markley@mmreis.com Andrew Dansker Financing
More informationTel: (212) Tel: (212) Tel: (212)
pvonderahe@mmreis.com jkoicim@mmreis.com TOTAL UNITS TOTAL SQUARE FEET david.lloyd@mmreis.com daniel.handweiler@mmreis.com PRICE /SF PROJECTED TAXES Tel: (212) 430-5168 adansker@marcusmillichap.com CAP
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pvonderahe@mmreis.com jkoicim@mmreis.com TOTAL UNITS TOTAL SQUARE FEET david.lloyd@mmreis.com daniel.handweiler@mmreis.com PRICE /SF PROJECTED TAXES Tel: (212) 430-5168 adansker@marcusmillichap.com CAP
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867 Riverside Drive Is being offered at $3,900,000 pvonderahe@mmreis.com sedelstein@mmreis.com seth.glasser@mmreis.com rafi.moskowitz@mmreis.com Andrew Dansker Financing Inquiries Tel: (212) 430-5168 adansker@marcusmillichap.com
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101 First Avenue Is being offered at $8,495,000 LISTING METRICS pvonderahe@mmreis.com jkoicim@mmreis.com corey.isdaner@mmreis.com jared.bernstein@mmreis.com Andrew Dansker Financing Inquiries Tel: (212)
More informationTel: (212) Tel: (718) Tel: (718)
pvonderahe@mmreis.com sriney@ipausa.com TOTAL UNITS WITH AIR SHAFTS thomas.shihadeh@mmreis.com andrew.reiter@marcusmillichap.com PRICE /SF PROJECTED TAXES Tel: (212) 430-5168 adansker@marcusmillichap.com
More informationTel: (212) Tel: (718) Tel: (718)
pvonderahe@mmreis.com michael.salvatico@mmreis.com TOTAL UNITS TOTAL SQUARE FEET sriney@ipausa.com PRICE /SF PROJECTED TAXES CAP RATE GRM adansker@marcusmillichap.com FRONTAGE TOTAL AIR RIGHTS OFFERING
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