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Introduction NYC INTRODUCTION Dear Friends and Investors, With sales numbers in for the first three quarters of 2017, it has given us an opportunity to look back over the year to make and share some insights into the market. Overall, across all of New York City, 2017 multifamily sales volume is down approximately 40%. However, for property valued over $25 million, the number of Peter Von Der Ahe transactions has declined approximately 50%. In addition to the decline in transactions, in properties above $25 million, we’ve seen the biggest adjustment in Marcus & Millichap values with the average price per foot of property sold in that category down almost 212.430.5114 10% (the average is $619 a foot across all boroughs). Below $25 million, in contrast, multifamily sales volume is down only 30% compared to last year, and prices are down approximately 6%. Although there has been a slowdown in the number of sales and a softening somewhat in prices, by historical standards, values are still very high. The average cap rate for multifamily sales citywide is 4.1%, and the average price per unit in Manhattan is over $1 million! Even still, I expect the current pricing paradigm (of flat or slight declines) to persist into the future. Let me explain why. Supply - Between 2017 and 2018, there will be approximately 50,000 new rental apartments delivered into the New York City marketplace. Primarily, those units will be delivered on Manhattan’s west side, downtown Brooklyn, and Long Island City. With the exception of these three areas, there are no neighborhoods which will be delivering significant amounts of new rental apartments. However, there will continue to be rehabilitated and repositioned buildings which offer “like new” units throughout the city. It’s hard to quantify accurately how many repositioned units are coming to market at any given time. Often, this repositioned rental product competes with new construction. Demand – We are still in the middle of a demographic bubble of "renter age" population. This influx of renters will continue for several years. Further, homeownership rates continue to decline as millennials are more apt to rent than buy. Overall, before pricing begins to rebound, rents must move up. From our numbers, it looks like that will occur around 2019 when the majority of the new supply and construction pipeline is absorbed. The good news is that after 2018, the pipeline of new construction drops off significantly. Despite the market trends, our team has been extremely active this year, and we are on pace to sell almost 100 buildings in 2017. This is down about 9% from the number of buildings we sold last year. We have found abundant capital searching for opportunities for well-located New York City multifamily properties. I look forward to your feedback, questions, and comments and wish you the best of luck for the remainder of 2017. Best Regards, e-mail: [email protected] MULTIFAMILY SALES REPORT TABLE OF CONTENTS SECTION I Why NYM? SECTION II Manhattan SECTION III Brooklyn SECTION IV Bronx SECTION V Queens SECTION V Recent Commercial Debt Financing NEWYORKMULTIFAMILY.COM NYC SECTION I WHY NYM? NEWYORKMULTIFAMILY.COM LEARN WHAT MAKES US NYC’S LEADING MULTIFAMILY INVESTMENT SALES TEAM 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 MIDDLE MARKET We specialize only in multifamily Backed by the nation’s largest properties, only in New York City, private client brokerage, we customizing our strategy bridge the gap between private around you. and institutional capital. CREATING BROKERAGE OPPORTUNITIES AS A VERB We are positioned to source We don’t simply market exclusive opportunities for our properties–we aggressively clients–sellers frequently become sell them in pursuit of the best buyers with NYM. outcomes for clients. NEWYORKMULTIFAMILY.COM MULTIFAMILY SALES REPORT LEADERSHIP The number one multifamily investment sales team in New York City. Peter Von Der Ahe Scott Edelstein Joe Koicim 212.430.5114 212.430.5137 212.430.5147 [email protected] [email protected] [email protected] Shaun Riney Seth Glasser David Lloyd 718.475.4369 212.430.5136 212.430.5185 [email protected] [email protected] [email protected] Michael Salvatico Thomas Shihadeh Dan Greenblatt 718.475.4358 718.475.4380 718.475.4375 [email protected] [email protected] [email protected] NEWYORKMULTIFAMILY.COM NYM PERFORMANCE Our specialized expertise, network, and team of superstars make for sales that are impressive, and always increasing. Our 24-month track record speaks for itself. 68 115 183 MANHATTAN SALES BOROUGH SALES TOTAL SALES NEWYORKMULTIFAMILY.COM MULTIFAMILY SALES REPORT 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 212.430.5114. 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. NEWYORKMULTIFAMILY.COM NYC SECTION II MANHATTAN ANALYSIS This section is divided into 7 markets, featuring Manhattan multifamily sales from Q3 of 2017 valued over $1,000,000. NEWYORKMULTIFAMILY.COM MULTIFAMILY SALES REPORT NYC MARKET INDICATORS All NYC Multifamily Sales 12-Month Comparison SALES 37% Reduction in Sales Volume $/SF 3% Average Reduction in Price Per Square Foot GRM 4% Average Reduction in Gross Rent Multiplier 25 Million+ Multifamily Sales Last 12 Months Previous 12 Months $580,495 $/UNIT 18% $710,608 Average Reduction in $/Unit $619 $/SF 9% $682 Average Reduction in $/SF SALES 50% Reduction in Sales Volume NEWYORKMULTIFAMILY.COM MANHATTAN LARGEST MANHATTAN SALES With a commitment to integrity, we operate with our ears to the ground. 47 East 34th Street Jones l.e.s September 2017 | $80,000,000 July 2017 | $61,250,000 110 Units 78 Units $776 Price/SF $966 Price/SF 321 East 22nd Street Washington House August 2017 | $60,928,000 July 2017 | $41,000,000 115 Units 95 Units $748 Price/SF $329 Price/SF *Includes only single asset transactions NEWYORKMULTIFAMILY.COM MANHATTAN MANHATTAN Downtown PROPERTY DATE PRICE UNITS CAPRATE GRM SF $/SF Jones l.e.s Jul-17 $61,250,000 78 4.73% 17.00 63,410 $966 41-45 White Street & 74 Franklin Street Jul-17 $59,500,000 33 3.41% 19.74 55,000 $1,082 307-309 Mott Street Jul-17 $22,125,000 61 3.70% 18.76 15,925 $1,389 83-85 Worth Street Jul-17 $21,000,000 5 2.10% 34.30 20,700 $1,014 70-72 Laight Street Aug-17 $17,750,000 6 Redevelopment -- 12,507 $1,419 11 Essex Street Aug-17 $11,400,000 24 Delivered Vacant -- 8,506 $1,340 275 Canal Street Jul-17 $10,500,000 4 Delivered Vacant -- 11,000 $955 197 Madison Street Aug-17 $9,200,000 24 Delivered Vacant -- 11,321 $813 115 Division Street Jul-17 $4,400,000 10 1.79% -- 7,535 $584 Jones L.E.S. 41-45 White Street & 74 307-309 Mott Street 83-85 Worth Street 70-72 Laight Street Franklin Street 11 Essex Street 275 Canal Street 197 Madison Street 115 Division Street For further details: Corey Isdaner Noah Kossoff 212.430.5162 646.805.1426 [email protected] [email protected] NEWYORKMULTIFAMILY.COM MANHATTAN MANHATTAN Greenwich Village, West Village, and East Village PROPERTY DATE PRICE UNITS CAPRATE GRM SF $/SF 12 Perry Street Jul-17 $25,132,000 25 3.62% 19.83 20,474 $1,228 236 West 10th Street Aug-17 $21,000,000 34 2.86% 22.66 20,073 $1,046 145 West 10th Street Jul-17 $18,000,000 27 2.74% 24.51 16,800 $1,071 321 West 11th Street Sep-17 $11,625,000 20 3.10% 21.00 10,400 $1,118 153 Avenue B Jul-17 $6,625,000 5 3.12% -- 6,440 $1,029 21 Eighth Avenue Jul-17 $5,550,000 3 Sold To End User -- 1,854 $2,994 27 Avenue C Jul-17 $5,235,000 26 Value Add -- 9,960 $526 12 Perry Street 236 West 10th
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