Manhattan Multi-Family Real Estate Market Report Q1 2018
From: The Brooklyn Made Real Estate Show
by Brooklyn Made Real Estate Show
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New York Real Estate Market Updates www.NewYorkMarketReports.com Welcome to the Manhattan Multi-Family Sales Real Estate Market Report for the 1st quarter of 2018. Whether you already own or you're looking to buy into the City's fastest growing market, we'll keep you up to date. You're listening to New York's Real Estate Market Update from the Ratner Team. Manhattan's iconic skyline is home to millions, but the Multifamily market is still steadily suffering a decline – both across the borough ... See More and across the city. Sales volume this quarter totaled $1.6 billion: A shocking 52% percent increase over last year's Q1 sales volume. Square-footage pricing continues to fall, down %35 percent from 2017 to an average of $584. Average selling prices in Manhattan have slightly decreased, down 14% percent from last year's records and coming in at $506,000 across the island. While total transactions have increased 4% percent, with just 112 sales in the 2018's first quarter, sales are still as lucrative as expected from this vibrant borough. Though Manhattan's volume market is trending down, the top sales numbers still rival the skyline in height. 1stQuarter's top sale is located in the Manhattan Valley, where 122-178 West 97thStreet sold for a striking $287,000,000. A three-building, 420-unit Upper West Side rental complex known as Stonehenge Village. Sources said that the buyer, A&E is planning a long-term hold of the complex. The properties are 98 percent occupied, with a mix of free-market and rent-stabilized tenants. The complex has frontage on West 96th and 97th streets and Amsterdam Avenue in the Upper West Side's Manhattan Valley neighborhood. At just $570 per square foot or $637,000 per door, that sale doesn't even begin to the average square-footage of these top ten most expensive Manhattan neighborhoods this quarter: Lower East Side tops off the list at an average of $1,181 per square foot. Chinatown comes in second at $1,087, with Little Italy a close third at $941. Upper West Side listed at $838 per square foot, Yorkville at $822, Manhattan Valley at $585, East Harlem at $471, Harlem at $449, East Village at $344. Tenth but certainly not least, Washington Heights area averaged in at $250 per square foot. Harlem was the neighborhood with the highest volume of multifamily sales in Q1 2018 again, with 27 total transactions. Both East Village and Manhattan Valley followed close behind, claiming 11-12 sales each. Bargain-seekers should consider looking in Hudson Heights & Inwood, as the average price per square foot was only $205 at the beginning of the year despite growing interest and activity in the neighborhood. You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports. If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We'll put out new content and a whole new report every quarter. You can also find us on Facebook, Instagram & YouTube. Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property? Email Us at Contact@TheRatnerTeam.com. We're full-time professionals and always here to help! Thanks for listening. Resources: Organifi Wix - Our Proud Sponsors: The RATNER Team Spartan Renovations
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