The Manhattan multifamily market saw a significant increase in total Manhattan sales in 2018 compared to 2017 – according to a year-end Manhattan multifamily market report by Cignature Realty Associates, a Manhattan-based commercial real estate brokerage firm that specializes in the sale of multifamily and mixed-use Manhattan apartment buildings.
The report revealed that the total number of buildings sold in Manhattan in 2018 came to 403 – a whopping 125.1 percent increase over 2017. Northern Manhattan with 197 buildings sold in 2018, accounted for the neighborhood with the most sales. Midtown ranked lowest with 39 buildings sold.
And the total dollar volume of those sales in 2018 represented $5.3 billion dollars – an 18.4 percent increase over year-end sales in 2017. The Upper West Side ranked highest in dollar volume at $1.67 billion in sales and Upper East Side, at the low end, with $635.2 million in sales.
Other Report Highlights reveal:
Total sale price averages per building for walk-ups decreased by $7.2 million, or 7.1 percent, as compared to year-end 2017. And for elevator buildings, there was a $34.3 million or 11.2 percent increase compared to 2017.
Total sale price averages per unit for walk-ups decreased by $514,878 or 19.8 percent as compared to 2017 and for elevator buildings, decreased by $601,903 or 3.4 percent.
Total sale price averages per square foot for walk-ups fell by $725 or 16.7 percent and elevator buildings, fell by $621 or 5.6 percent.
The report also compares Year-End 2018 with Year-End 2017 in five major Manhattan submarkets: Northern, Upper West Side, Upper East Side, Midtown and Downtown.
Northern – A 5.6 percent increase in dollar volume; an 18.7 percent increase in building volume and 4.5 percent decrease in unit volume.
Upper West Side – A 371.0 percent increase in dollar volume; 51.5 percent increase in building volume and a 313.4 percent increase in unit volume.
Upper East Side – A 15.5 percent increase in dollar volume; an 8.0 percent decrease in building volume and a 3.0 percent decrease in unit volume.
Midtown – A 26.2 percent decrease in dollar volume; a 13.3 percent decrease in building volume and a 1.9 percent increase in unit volume.
Downtown – A 28.5 percent decrease in dollar volume; a 7.6 percent increase in building volume and a 28.8 percent decrease in unit volume.
To access all Cignature Realty “Manhattan Multifamily Insight” reports, go to the Cignature Realty website at cignaturerealty.com/insight.