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Q2-2017-Multifamily-All-NYC-Sales-Report.Pdf SALES REPORT | Q2 2017 NYC MULTIFAMILY MANHATTAN | BROOKLYN | BRONX | QUEENS www.newyorkmultifamily.com NYC INTRODUCTION Dear Friends and Investors, This is our comprehensive NYC Multifamily Report representing sales from Manhattan, Brooklyn, Bronx, and Queens- combining the full quarter of sales data into one report. As we enter into the second half of 2017, multifamily investors have been asking what the right move is in today’s flat market. While the market may not be moving up or down today, investors should prepare for what’s ahead. Standing still can Peter Von Der Ahe cost you. There are several strategic moves investors could make. Let’s explore 5 Marcus & Millichap possibilities: 212.430.5114 Exploit Market Inefficiencies: One reason the market is flat is there is no industry- wide consensus that pricing is moving up or down. By definition, there is confusion. Investors should exploit this inefficiency. Its one reason to love commercial real estate. For example, certain sellers will discount the future value of their asset, by lowering future projections too much, creating a buying opportunity. Others will “overprice” their properties on the market, limiting buyer activity. This leads to something we call “sellers fatigue” and many times these properties sell 9-12 months later below market value. Renovate: Sometimes the best return on new equity actually exists in your current holdings. In flat markets, you may not be buying and selling, but it’s important to stay in motion, be creative, and create value. Renovate, utilize unused air rights or square footage, restructure leases, and reduce expenses by increasing efficiency. These value added activities will pay off in multiples in the future. Refinance: There is a paradox of the banking industry. When you don’t need money, banks are willing to lend it, and when you do…the lending windows are closed. Flat markets can be a reminder to refinance under leveraged buildings so you have a dry powder for future opportunities. Trade to Improve Cash Flow: Investment properties in NYC (regardless of location) sell at a premium, and owners can capitalize on this arbitrage. For example, selling a NYC apartment property and purchasing a triple-net leased (NNN) asset typically improves your cash flow by 2x-3x. If prices remain stagnant for several years (or decline), the benefits are multiplied. Trade to Improve Location: Closely related to “improving cash flow”, is improving location. After market peaks, class ”A” properties in “A” locations are priced very similarly to “C” properties in “C” locations. Take advantage and upgrade the quality and location of your asset. Many choose not to make this move because the free cash flow may decrease slightly. This is a temporary illusion. From a net worth perspective 5 to 7 years after this transition has been made, your upgraded investment will likely be more valuable. Great investors play the long game. I hope you find this report valuable and look forward to our next conversation. Best Regards, e-mail: [email protected] MULTIFAMILY SALES REPORT TABLE OF CONTENTS SECTION I Manhattan SECTION II Brooklyn SECTION III Bronx SECTION IV Queens SECTION V Recent Commercial Debt Financing About Us NEWYORKMULTIFAMILY.COM NYC 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 MULTIFAMILY SALES REPORT SECTION I MANHATTAN ANALYSIS NEWYORKMULTIFAMILY.COM MANHATTAN LARGEST MANHATTAN SALES With a commitment to integrity, we operate with our ears to the ground. 60-68 West 107th Street 56 West 11th Street May 2017 | $51,900,000 May 2017 | $37,750,000 100 Units 36 Units $516 Price/SF $1,389 Price/SF 720 West 181 Street 351 West 125 Street April 2017 | $32,000,000 June 2017 | $23,000,000 57 Units 42 Units $626 Price/SF $501 Price/SF *Includes only single asset transactions NEWYORKMULTIFAMILY.COM MANHATTAN MANHATTAN Downtown PROPERTY DATE PRICE UNITS CAPRATE GRM SF $/SF 223 Madison Street Jun-17 $5,060,000 20 Value Add 10,230 $495 90 Chambers Street Jun-17 $10,700,000 6 Finished Product 8,885 $1,204 162-166 Bowery Street Jun-17 $23,500,000 13 Value Add 23,379 $1,005 101 Stanton Street Jun-17 $12,900,000 19 Value Add 12,168 $1,060 151 Ludlow Street Jun-17 $5,500,000 10 Value Add 8,421 $653 74-76 Leonard Street May-17 $21,300,000 19 Value Add 23,000 $926 10 Bowery May-17 $4,350,000 4 Delivered Vacant 3,274 $1,329 23 Park Place May-17 $15,000,000 8 Value Add 23,225 $646 118 Ridge Street Apr-17 $9,600,000 10 4.60% 18.26 9,990 $961 223 Mott Street Apr-17 $9,500,000 20 1.65% 32.22 9,170 $1,036 223 Madison Street 90 Chambers Street 162-166 Bowery Street 101 Stanton Street 151 Ludlow Street 74-76 Leonard Street 10 Bowery 23 Park Place 118 Ridge Street 223 Mott 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 277 West 11 Street Jun-17 $20,000,000 36 2.78% 22,686 $882 176 Bleecker Street Jun-17 $9,167,000 5 Value Add 5,040 $1,819 East 5th & 6th Street Portfolio May-17 $18,000,000 68 Value Add 23,187 $776 56 West 11th Street May-17 $37,750,000 36 3.36% 22.84 27,184 $1,389 63 Perry Street Apr-17 $18,000,000 27 1.49% 36.47 19,788 $910 738 East 6 Street Apr-17 $3,750,000 11 Value Add 6,500 $577 183 Avenue B Apr-17 $4,750,000 7 3.50% 24.20 3,309 $1,435 277 West 11 Street 176 Bleecker Street 56 West 11th Street 63 Perry Street 183 Avenue B East 5th & 6th Street 738 East 6 Street Portfolio For further details: Corey Isdaner Noah Kossoff 212.430.5162 646.805.1426 [email protected] [email protected] NEWYORKMULTIFAMILY.COM MANHATTAN MANHATTAN Midtown East and Midtown West PROPERTY DATE PRICE UNITS CAPRATE GRM SF $/SF 316 2 Ave Jun-17 $6,650,000 10 Distressed 5,720 $1,163 346 East 51 Street Jun-17 $5,500,000 7 3.00% 22.00 5,312 $1,035 439-443 West 48th Street Jun-17 $15,500,000 34 3.10% 22.80 24,515 $632 141 East 45th Street May-17 $7,500,000 4 3.45% 19.43 5,468 $1,372 104 East 30th Street Apr-17 $7,150,000 7 3.25% 22.33 5,875 $1,217 714 9 Ave Apr-17 $12,075,000 17 4.20% 19.30 10,120 $1,193 316 2 Ave 346 East 51 Street 439-443 West 48th Street 141 East 45th Street 104 East 30th Street 714 9 Ave For further details: Corey Isdaner Logan Markley 212.430.5162 212.430.5194 [email protected] [email protected] NEWYORKMULTIFAMILY.COM MANHATTAN MANHATTAN Upper East Side PROPERTY DATE PRICE UNITS CAPRATE GRM SF $/SF 162-164 East 82nd Street Jun-17 $19,400,000 40 4.10% 17.00 19,670 $986 167 East 62 Street Jun-17 $7,220,500 4 Redevelopment 3,810 $1,895 315-317 East 74th Street May-17 $16,500,000 36 3.75% 19.00 17,540 $941 506 East 84 Street May-17 $11,200,000 10 4.90% 16.70 9,500 $1,179 52 East 64 Street May-17 $13,000,000 5 Redevelopment 8,740 $1,487 423 East 82 Street May-17 $10,750,000 20 4.10% 18.03 8,555 $1,257 1733 2nd Avenue Apr-17 $8,000,000 10 4.10% 18.90 8,050 $994 162-164 East 82nd Street 167 East 62 Street 315-317 East 74th Street 506 East 84 Street 52 East 64 Street 423 East 82 Street 1733 2nd Avenue For further details: Danny Handweiler 212.430.5138 [email protected] NEWYORKMULTIFAMILY.COM MANHATTAN MANHATTAN Upper West Side PROPERTY DATE PRICE UNITS CAPRATE GRM SF $/SF 123 West 75 Street Jun-17 $5,700,000 7 Value Add 6,531 $873 15 West 107 Street May-17 $17,052,000 30 5.60% 14.23 31,818 $536 961 Columbus Ave May-17 $7,595,000 15 Value Add 12,215 $622 60-68 West 107th Street May-17 $51,900,000 100 2.60% 19.57 100,576 $516 216 West 108 Street May-17 $5,350,000 15 5.28% 9,440
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