Last year was another bumper year for New York City’s real estate market. Multifamily sales hit $12.6 billion, or 39% more that in 2013, according to a year-end report by Ariel Property Advisors, an investment property sales firm.
There were a total of 761 transactions last year, 8% more than in 2013. The borough of Brooklyn accounted for 222 of those transactions valued at $2.35 billion, or 88% higher than the Brooklyn transactions in 2013. In that borough, deals exceeding $20 million accounted for 47% of its transactions. For New York City as a whole, $20 million-plus deals accounted for more than half of all transactions.
Ariel estimates that 1,413 properties were sold last year, 13% more than in 2013. The properties sold had 47,885 total units, or 20% more than the buildings sold in 2013.
In Manhattan, whose real estate prices have been going through the roof in recent years, transactions may have declined by 12% to 139, but dollar volume jumped by 15% to $5.138 billion, with the Upper East Side being the liveliest neighborhood. The Real Deal, a website that reports on New York real estate news and trends, notes that one of the biggest deals last year was the Chetrit Group and Stellar Management’s purchase of two Upper East Side rental buildings at 1660 2nd Avenue and 160 East 88th Street for a combined $485 million.
In a recent interview with the New York Real Estate Journal, Ariel’s founder and president, Shimon Shkury, notes that the average price per square foot in Manhattan rose by 25% to $866, “as investors were willing to pay ever-higher premiums to own core Manhattan.”
For 2015, Shkury remains bullish about New York’s real estate prospects, with some caveats. “We’ve identified a few headwinds, including rising construction costs, the unknowns of the mayor’s housing policy, the sustainability of the luxury market, rents leveling off, interest rates, global uncertainty, and the strengthening dollar.” On the positive side, Shkury believes multifamily sales in New York will benefit from lower oil prices, increased job creation, improved consumer spending, and tight inventory.
Related Stories
| Aug 11, 2010
Structure Tone, Turner among the nation's busiest reconstruction contractors, according to BD+C's Giants 300 report
A ranking of the Top 75 Reconstruction Contractors based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants
| Aug 11, 2010
Skanska completes $74 million Harbor Towers project six months ahead of schedule
Skanska USA Building Inc. announced the completion of a $74 million rehabilitation project at Harbor Towers, a 40-story luxury condominium complex comprising two towers located on Boston’s waterfront. Skanska served as Program Manager and oversaw the repair and replacement work that dramatically enhanced the reliability, cost-effectiveness, and energy efficiency of the buildings’ MEP systems.
| Aug 11, 2010
Best AEC Firms of 2011/12
Later this year, we will launch Best AEC Firms 2012. We’re looking for firms that create truly positive workplaces for their AEC professionals and support staff. Keep an eye on this page for entry information. +
| Aug 11, 2010
Manitoba Hydro Place, Tornado Tower among world's 'best tall buildings,' according to the Council on Tall Buildings and Urban Habitat
The Council on Tall Buildings and Urban Habitat last week announced the winners of its annual “Best Tall Building” awards for 2009, recognizing one outstanding tall building from each of four geographical regions: Americas, Asia & Australia, Europe, and Middle East & Africa. This year’s winners are: Manitoba Hydro Place, Winnipeg, Canada; Linked Hybrid, Beijing, China; The Broadgate Tower, London, UK; Tornado Tower, Doha, Qatar.
| Aug 11, 2010
Call for entries: Building enclosure design awards
The Boston Society of Architects and the Boston chapter of the Building Enclosure Council (BEC-Boston) have announced a High Performance Building award that will assess building enclosure innovation through the demonstrated design, construction, and operation of the building enclosure.
| Aug 11, 2010
CampusBrands Inc., NYLO Hotels team to launch student housing franchise brand
Which would you choose: the cramped quarters, thin mattresses, and crowded communal bathrooms of dormitory life or a new type of student housing with comfortable couches, a game room, fitness center, Wi-Fi in every room, flat-screen televisions and maybe even a theater?
| Aug 11, 2010
Portland Cement Association offers blast resistant design guide for reinforced concrete structures
Developed for designers and engineers, "Blast Resistant Design Guide for Reinforced Concrete Structures" provides a practical treatment of the design of cast-in-place reinforced concrete structures to resist the effects of blast loads. It explains the principles of blast-resistant design, and how to determine the kind and degree of resistance a structure needs as well as how to specify the required materials and details.
| Aug 11, 2010
New website highlights government tax incentives for large commercial buildings
Energy Retrofit Group (ERG), the subsidiary of 40-year-old, award-winning Adache Group Architects, Inc., has announced the creation of their new energy conservation web site: www.energy-rg.com.
