A recent report found that Queens saw some falling numbers with regard to multi-family sales this past quarter.
Ariel Property Advisors released their quarterly report that measures the amount of multi-family homes that were sold throughout the city between July and September 2018. Overall the report found that New York City saw 115 multifamily transactions comprised of 186 buildings, which totaled $2.23 billion in gross consideration.
The total sales in the third quarter mark an annual 40 percent increase in dollar volume, however it measured a 7 percent decrease from the second quarter transactions. Third quarter saw a 12 percent rise in transaction volume and a 22 percent increase in building volume, both of which rose 6 percent and 9 percent, respectively, compared to the second quarter.
But in Queens, the third quarter saw the lowest dollar volume compared to the other sub-markets. Queens had 11 multi-family transactions, including 14 buildings, totaled $93.33 million in gross consideration. This represents declines of 39 percent, 44 percent, and 67 percent in transaction volume, building volume and dollar volume, respectively, compared to the previous quarter.
“This year can be characterized by the return of larger, institutional transactions as they were nearly non-existent in 2017,” said Shimon Shkury, President and Founder of Ariel Property Advisors. “We see downward pressure in pricing and believe that higher transaction volume will add to this pressure in 2019.”
The borough’s largest transaction from the third quarter was the sale of 29 Beach 32nd St., a 107-unit building in Far Rockaway, which sold for $19.10 million.
However, despite the poor performance in the third quarter, Queens saw the most significant year-over-year gains. Compared to the third quarter in 2017, transaction, building, and dollar volume rose 120 percent, 75 percent and 95 percent, respectively.
Click here to read the full report.