PROPERTY SALES REPORTtherealdeal.com/wp-content/uploads/2016/03/PSR-4Q15_NMan... · 2016-03-02 ·...

YEAR END 2015

NORTHERN MANHATTAN & THE BRONX

PROPERTYSALESREPORT

N. MANHATTAN / THE BRONX PROPERTY SALES

1Q’05

3Q’05

1Q’06

3Q’06

1Q’07

3Q’07

1Q’08

3Q’08

1Q’09

3Q’09

1Q’10

3Q’10

1Q’11

3Q’11

1Q’12

3Q’12

1Q’13

3Q’13

1Q‘14

3Q‘14

1Q‘15

3Q‘15

Following a record-breaking year in 2014, which included the all-time record for properties sold, the New York City investment sales market witnessed another record-breaking year. 2015 broke the all-time record for dollar volume, as sales soared to $74.5B, surpassing the previous record of $62.0B set during the previous cycle in 2007. Dollar volume across the city was buoyed by several large transactions, namely the sale of Stuyvesant Town for $5.4B and the $3.8B investment into the Brookfield development project by QIA, both in 4Q15. Following the record-breaking year in 2014, the number of properties sold was expected to decrease in 2015. While our prediction held true, the level to which sales declined was not as drastic as predicted, as 2015 ended the year with 5,061 sales, well-above our prediction and close to 2014’s total of 5,536. Cap rates citywide continued to compress, albeit at a slower rate in the second half of 2015, to finish the year at 4.7%. Price per square foot hovered around $500/SF for the year, another all-time record.

Property Sales Volume & TurnoverIn 2015, the Northern Manhattan property sales market (north of 96th Street east of Central Park and north of 110th Street west of Central Park) saw the sale of 353 properties. This is a decrease of 27% from 2014. In 4Q15, 56 properties sold, a decrease of 56% from 3Q15. The turnover for Northern Manhattan in 2015 was 5.07% of the total stock of properties. 672 properties sold in the Bronx during 2015, up 7% from 2014, resulting in an annual turnover rate of 3.14% of the total stock of properties.

Dollar VolumeThe aggregate sales consideration in 2015 for Northern Manhattan was $2.1B, a decrease of 32% from 2014, with $359M sold in 4Q15. The average price per property for Northern Manhattan was $6M, down 6% from 2014. The total aggregate sales consideration for The Bronx in 2015 was $2.4B. This was up 9% from last year, with $512M sold in 4Q15, a decrease of 33% from 3Q15. The average price per property for The Bronx was $3.6M, a 2% increase over 2014.

(4th Quarter 2015)% OF PROPERTIES SOLD BY TYPE % OF DOLLAR VOLUME BY TYPE

N. Manhattan The Bronx1 Industrial 1511 Elevator 625 Walk Up 517 Mixed Use 38- Retail 8- Office 25 Development 187 Specialty Use 2

56 TOTAL 140

Northern Manhattan

20%11%

4%

45%

12%37%

6%99%

13%

27%

12%

2% 1%

The Bronx

N. Manhattan The Bronx $4,100,000 Industrial $10,406,825

$169,285,000 Elevator $65,145,000 $121,799,126 Walk Up $196,040,500 $30,482,500 Mixed Use $35,925,540

- Retail $139,570,000 - Office $3,216,638

$21,396,000 Development $60,150,076 $11,769,000 Specialty Use $1,454,000

$358,831,626 TOTAL $511,908,579

38%

12% 13%

The Bronx

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

$1.33B $1.42B $1.47B $667M $278M $538M $371M $1.11B $2.07B $3.07B $2.1B

$1.40B $1.70B $2.19B $921M $391M $495M $757M $1.46B $1.41B $2.25B $2.4B

DOLLAR VOLUME & NUMBER OF PROPERTIES SOLD

# of Properties Sold N. Manhattan The Bronx

Dollar Volume N. Manhattan The Bronx

600

500

0

400

300

200

100

$0

$400M

$600M

$800M

$200M

$1.8B

$1.2B

$1.4B

$1.6B

$1B

2%

7%

1%

Northern Manhattan

47%

34%

3%6%

9%

1%

27%

1%

YEAR END 2015

Northern ManhattanElevator Buildings• 2015 dollar volume was $712M, down 55% from 2014 with $169M

sold in 4Q15• 41 properties sold in 2015, down 38% from 2014 with 11 properties

sold in 4Q15• Cap rates averaged 3.62%, down 76bps from 2014. The gross rent

multiplier (GRM) increased from 13.58x in 2014 to 16.61x in 2015• $/SF averaged $382, up 51% from 2014

Walk Up Buildings• 2015 dollar volume was $881M, up 5% from 2014 with $122M sold

in 4Q15• 188 properties sold in 2015, down 27% from 2014 with 25

properties sold in 4Q15• Cap rates averaged 4.55%, down 43bps from 2014. GRM increased from 11.77x in 2014 to 14x in 2015• $/SF averaged $333, up 7% from 2014

Mixed Use Buildings• 2015 dollar volume was $83M, down 70% from 2014 with $30M


sold in 4Q15• Cap rates averaged 3.81%, down 196bps from 2014. GRM increased from 12.68x in 2014 to 20.04x in 2015• $/SF averaged $452, up 18% from 2014

Development Sites• 2015 dollar volume was $160M, down 22% from 2014 with $21M

sold in 4Q15• 47 properties sold in 2015, up 9% from 2014 with 5 properties

sold in 4Q15• $/BSF averaged $197, up 37% from 2014

Other Property Types• 32 Specialty Use/Conversion properties sold for $65M, averaging

$405/SF in 2015• 10 Retail properties sold for $62M, averaging $603/SF in 2015

The BronxIndustrial Buildings• 2015 dollar volume was $175M, up 90% from 2014 with $10M sold

in 4Q15• 77 properties sold in 2015, up 35% from 2014 with 15 properties

sold in 4Q15• $/SF averaged $145, down 3% from 2014

Elevator Buildings• 2015 dollar volume was $695M, down 22% from 2014 with $65M


sold in 4Q15• Cap rates averaged 5.40%, down 68bps from 2014. GRM increased from 9.21x in 2014 to 11.03x in 2015• $/SF averaged $157, up 21% from 2014

Walk Up Buildings• 2015 dollar volume was $709M, up 14% from 2014 with $196M

sold in 4Q15• 216 properties sold in 2015, down 17% from 2014 with 51

properties sold in 4Q15• Cap rates averaged 6.14%, down 113bps from 2014. GRM increased from 7.83x in 2014 to 9.62x in 2015• $/SF averaged $148, up 26% from 2014

Mixed Use Buildings• 2015 dollar volume was $107M, up 55% from 2014 with $36M sold

in 4Q15• 87 properties sold in 2015, up 142% from 2014 with 38 properties

sold in 4Q15• Cap rates averaged 7.11%, down 83bps from 2014. GRM decreased

from 9.45x in 2014 to 8.97x in 2015 • $/SF averaged $184, down 2% from 2014

Other Property Types• 63 Retail properties sold for $227M, averaging $311/SF in 2015• 87 Development sites sold for $186M, averaging $53/BSF in 2015

NUMBER OF PROPERTIES SOLD & PERCENTAGE OF TURNOVER

6.0%

7.0%

8.0%

5.0%

3.0%

4.0%

2.0%

0.0%

600

400

500

200

100

300

0

700

1.0%

# of Properties Sold N. Manhattan The Bronx

Turnover N. Manhattan The Bronx

’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15145 85 136 127 328 417 483 353409 205 188 242 442 408 627 672

2.08% 1.22% 1.95% 1.82% 4.71% 5.99% 6.93% 5.07%1.91% 0.96% 0.88% 1.13% 2.07% 1.91% 2.93% 3.14%

GROSS RENT MULTIPLE

1H’08

2H’08

1H’09

2H’09

1H’10

2H’10

1H’11

2H’11

1H’12

2H’12

1H’13

2H’13

1H’14

2H‘14

1H‘15

2H‘15

5.0

7.0

9.0

11.0

13.0

15.0

17.0

19.0 NM Walk UpNM Elevator

BX Walk UpBX Elevator

CAP RATES

1H’08

2H’08

1H’09

2H’09

1H’10

2H’10

1H’11

2H’11

1H’12

2H’12

1H’13

2H’13

1H’14

2H‘14

1H‘15

2H‘15

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

NM Walk UpNM Elevator

BX Walk UpBX Elevator


INDUSTRIAL BUILDINGS

ADDRESS PRICE GROSS SF PR/SF

1 519 W 161 St NM $4,100,000 19,984 $205

2 Cauldwell Ave Portfolio BX $3,500,000 22,750 $154

3 879 Whittier St BX $1,450,000 6,750 $215

4 2925 & 2951 Tremont Ave Portfolio BX $1,241,825 21,870 $57

5 1306 Cooper Ave BX $1,000,000 11,646 $86

6 427 Manida St BX $920,000 5,000 $184

7 3330-3332 De Lavall Ave BX $850,000 5,900 $144

8 1348 Southern Blvd BX $795,000 8,600 $92

9 1800 E Tremont Ave BX $650,000 1,500 $433

ELEVATOR APARTMENT BUILDINGS

ADDRESS PRICE GROSS SF PR/SF UNITS PR/UNIT CAP RATE GRM

10 680-684 St Nicholas Ave NM $41,000,000 132,300 $310 117 $350,427 - -

11 Parkash Portfolio BX $30,600,000 226,036 $135 194 $157,732 4.35% 11.9

12 526 W 111 St NM $29,985,000 43,145 $695 44 $681,477 2.81% -

13 1080-1082 Amsterdam Ave^ NM $29,100,000 - - 87 $334,483 - -

14 658 W 188 St NM $23,100,000 98,124 $235 88 $262,500 2.62% 17.51

15 865 Walton Ave BX $16,425,000 55,312 $297 57 $288,158 5.12% -

16 723-727 St Nicholas Ave NM $15,500,000 33,780 $459 40 $387,500 - -

17 137 W 137 St NM $12,000,000 30,876 $389 56 $214,286 4.81% 14.38

18 645 W 160 St NM $11,300,000 63,384 $178 48 $235,417 - -

19 3467 Dekalb Ave BX $8,850,000 55,680 $159 57 $155,263 - -

20 6 St Nicholas Ter NM $6,300,000 10,420 $605 15 $420,000 - -

21 1485 Macombs Rd BX $5,620,000 43,000 $131 49 $114,694 - -

22 1070 Ogden Ave BX $3,650,000 26,355 $138 30 $121,667 - -

23 1642 Madison Ave NM $1,000,000 9,825 $102 6 $166,667 - -

WALK UP APARTMENT BUILDINGS


24 Continental Bronx Portfolio BX $90,000,000 553,956 $162 612 $147,059 - 10.5

25 Bronx 5 Building Portfolio BX $40,500,000 243,324 $166 255 $158,824 5.91% 10.39

26 Columbia Audubon Apartment Portfolio NM $36,000,000 107,997 $333 150 $240,000 4.67% 15.34

27 Rhodium Capital Portfolio NM $34,122,626 89,873 $380 106 $321,912 3.86% -

28 2155 Grand Ave Portfolio BX $13,000,000 82,400 $158 96 $135,417 - -

29 Vermilyea Avenue Portfolio NM $10,150,000 46,300 $219 51 $199,020 - -

30 133-143 Ft George Ave NM $7,900,000 35,135 $225 40 $197,500 5.08% -

31 508 W 136 St NM $6,725,000 15,048 $447 25 $269,000 5.31% 13.41

32 561-563 W 144 St NM $6,675,000 17,650 $378 20 $333,750 - -

33East 199th, Ft. Ind, Creston & Briggs

PortfolioBX $6,000,000 42,883 $140 37 $162,162 - -

20

25

22

1

3

15

Above are all sales completed during the 4th Quarter of 2015 at $500,000 or above.^ Ground Lease

28 31

YEAR END 2015

34 37

40

38

2241

44 51

67

69 70

Above are all sales completed during the 4th Quarter of 2015 at $500,000 or above.

WALK UP APARTMENT BUILDINGS


34 540 W 189 St NM $5,740,000 24,876 $231 30 $191,333 4.47% -

35 1162 Sheridan Ave BX $5,600,000 44,000 $127 43 $130,233 - -

36 1231 Sheridan Ave BX $5,410,000 40,050 $135 54 $100,185 - -

37 3515 Rochambeau Ave BX $5,300,000 30,075 $176 37 $143,243 - -

38 111-113 E 119 NM $5,300,000 20,750 $255 22 $240,909 - -

39 3246 Kingsbridge Ave BX $4,600,000 24,000 $192 32 $143,750 4.54% 11.68

40 995 E 181 St BX $4,150,000 22,720 $183 27 $153,704 - -

41 512-514 W 180 St NM $4,000,000 17,450 $229 20 $200,000 - -

42 1541 White Plains Rd BX $2,400,000 13,280 $181 19 $126,316 - -

43 53 W 127 St NM $2,155,000 3,834 $562 6 $359,167 - -

44 1565 Rowland St BX $2,000,000 12,048 $166 17 $117,647 - -

45 1545 White Plains Rd BX $1,700,000 13,944 $122 17 $100,000 6.42% -

46 608 W 148 St NM $1,500,000 3,515 $427 6 $250,000 - -

47 3642 Holland Ave BX $1,430,000 8,300 $172 13 $110,000 6.90% 8.9

48 433-435 E 135 Street BX $1,349,000 5,862 $230 13 $103,769 - -

49 1110 College Ave BX $1,140,000 11,040 $103 11 $103,636 - -

50 459 E 135 St BX $1,110,000 9,205 $121 10 $111,000 - -

51 723 Oakland Pl BX $1,000,000 8,265 $121 8 $125,000 - -

52 829 E 227 St BX $950,000 6,000 $158 8 $118,750 5.33% -

53 974 Anderson Ave BX $935,000 12,160 $77 9 $103,889 - -

54 1920 Loring Pl S BX $890,000 14,400 $62 11 $80,909 - -

55 170 Soundview Ave BX $800,000 4,728 $169 5 $160,000 7.89% -

56 178 E 108 St NM $800,000 5,100 $157 6 $133,333 - -

57 450 City Island Ave BX $775,000 4,650 $167 6 $129,167 5.16% -

58 517 W 179 St NM $731,500 2,033 $360 6 $121,917 - -

59 1371 Ellison Ave BX $700,000 4,800 $146 6 $116,667 - -

60 1049 Hoe Ave BX $700,000 3,663 $191 6 $116,667 - -

61 3942 Barnes Ave BX $675,000 5,451 $124 7 $96,429 - -

62 3354 Colden Ave BX $625,000 3,744 $167 5 125000 - -

63 1756 Topping Ave BX $620,000 5,399 $115 6 $103,333 - -

64 2482 Tiebout Ave BX $600,000 8,060 $74 8 $75,000 - -

65 1641 Melville St BX $556,500 3,149 $177 6 $92,750 - -

66 2472 Cambreleng Ave BX $525,000 3,300 $159 5 $105,000 - -

MIXED USE BUILDINGS


67 1395 St Nicholas Ave NM

$10,805,000 20,932 $516 22 $491,136 - -

68 2542-2548 White Plains Rd BX $4,918,540 29,140 $169 32 $153,704 - -

69 89 E 116 St NM $4,800,000 9,765 $492 7 $685,714 - -

70 1557 Lexington Ave NM $4,200,000 8,840 $475 9 $466,667 3.14% 23.6


78

79

80

100

104

106

Above are all sales completed during the 4th Quarter of 2015 at $500,000 or above.* Retail Condo

RETAIL BUILDINGS

ADDRESS PRICE GROSS SF PR/SF CAP RATE

99 184-193 W 237 Street Portfolio BX $132,925,000 165,255 $804 5.42%

1001434-1438

Williamsbridge Rd Portfolio*

BX $3,750,000 14,118 $266 -

101 82-86 W 181 St BX $1,225,000 2,165 $566 7.21%

102 3805-3807 E Tremont Ave BX $875,000 3,800 $230 -

103 1422 Williamsbridge Rd BX $795,000 2,205 $361 -

MIXED USE BUILDINGS


71 4230 Broadway NM $3,500,000 5,457 $641 6 $583,333 3.31% -

72 1792 Amsterdam Ave NM $3,262,500 9,313 $350 14 $233,036 3.50% 14

73 452 W 142 St NM $3,075,000 5,668 $543 2 $1,537,500 - -

74 650 Melrose Ave BX $3,050,000 9,342 $326 21 $145,238 7.54% -

75 1037 Ogden Ave BX $2,750,000 19,000 $145 21 $130,952 - -

76 632 E 186 St BX $2,500,000 18,600 $134 21 $119,048 - -

77 875 Longwood Ave BX $2,200,000 13,250 $166 17 $129,412 - -

78 3322-3326 3rd Avenue Portfolio BX $2,000,000 13,250 $151 9 $222,222 7.74% -

79 321-329 City Island Ave Portfolio BX $2,000,000 10,800 $185 10 $200,000 - -

80 861 E 181 St BX $1,752,000 9,820 $178 14 $125,143 - -

81 624 & 632 Morris Ave BX $1,500,000 7,257 $207 9 $166,667 - -

82 647 Bryant Ave BX $1,260,000 13,900 $91 6 $210,000 - -

83 1221 Brook Ave BX $1,255,000 8,392 $150 9 $139,444 - -

84 497 Tinton Ave BX $1,200,000 7,873 $152 6 $200,000 - -

85 711 E 183 St BX $1,050,000 8,640 $122 9 $116,667 4.40% -

86 343 E 138 St BX $1,000,000 8,775 $114 11 $90,909 6.42% -

87 1362 Prospect Ave BX $945,000 5,400 $175 8 $118,125 - -

88 503 W 144 St NM $840,000 3,672 $229 8 $105,000 - -

89 2708 E Tremont Ave BX $800,000 3,046 $263 3 $266,667 - -

90 3144 Westchester Ave BX $800,000 3,780 $212 3 $266,667 - -

91 688 Courtlandt Ave BX $738,000 3,750 $197 6 $123,000 6.13% -

92 5808 Mosholu Ave BX $682,000 3,608 $189 4 $170,500 - -

93 3178 E Tremont Ave BX $675,000 3,212 $210 4 $168,750 - -

94 1748 E Tremont Ave BX $670,000 4,522 $148 3 $223,333 - -

95 3844 White Plains Rd BX $660,000 3,120 $212 3 $220,000 8.86% 8.5

96 2429 E Tremont Ave BX $520,000 5,526 $94 8 $65,000 - -

97 3134-3140 Miles Ave BX $500,000 4,179 $120 3 $166,667 - -

98 1344 Taylor Ave BX $500,000 4,776 $105 3 $166,667 - -

83

YEAR END 2015

109

118

The Cap Rates, Gross Rent Multipliers, Average Price per Square Foot and Total Volume presented in this report pertain to closed sales, including partial sales, researched or sold by Cushman & Wakefield through 12/15/15. The “fourth quarter” herein covers the period of 9/16/15 through 12/15/15. These transactions occurred at a minimum sales price of $500,000 and were located in The Bronx and Northern Manhattan (north of 96th Street east of Central Park and north of 110th Street west of Central Park). These sales may be found in the public record and were reported by ACRIS, CoStar, RCA and other sources deemed reliable. This information has been compiled for informational purposes only and Cushman & Wakefield shall not be liable for any reliance thereon.

We use the following City of New York classifications:• 1-4 Family properties: A, B, CO and C3• 5+ Family Walk Up properties: C1, C2, C4, C5, C7, C8 and C9 (excluding C6, which represents Co-Ops)• 5+ Family Elevator properties: D1, D2, D3, D5, D6, D7, D8 and D9 (excluding D0, D4, which represent Co-Ops)• Mixed Use properties: K and S classes• Retail properties / retail condominiums: L1, L8, L9, K, O, R5, R7 and R8• Office properties and commercial condos: O, R5, R7 and R8• Hotel properties: H classes• Development properties: VO, V1, V2 and other properties that were purchased for development• Specialty Use properties: properties that, because of their intended uses (such as religious, medical, government, educational, non-profit uses), do not fall

into any of the above property classes

Each sale was analyzed and categorized on a case-by-case basis.

Methodology

Above are all sales completed during the 4th Quarter of 2015 at $500,000 or above.

OFFICE BUILDINGS


114 1932 Washington Ave BX $2,650,000 18,000 $147

115 2580 3 Ave BX $566,638 3,670 $154

SPECIALTY USE / CONVERSION BUILDINGS


116 155 W 136 St NM $7,075,000 18,166 $389

117 63 W 130 St NM $1,850,000 4,072 $454

118 114 W 127 St NM $1,640,000 4,200 $390

119 2416 Lorillard Pl BX $879,000 7,400 $119

120 217 W 123 St NM $630,000 4,529 $139

121 2090 Webster Ave BX $575,000 1,200 $479

122 265 W 131 St NM $574,000 2,499 $230

117

Cushman & Wakefield Copyright 2016. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). AS APPLICABLE, WE MAKE NO REPRESENTATION AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) IN QUESTION.

105DEVELOPMENT SITES

ADDRESS PRICE ZONING LOT AREA FAR BSF PR/BSF

104 220 E 178 St BX $1,600,000 R8 5,500 6.02 35,879 $45

105 2535-2541 Frederick Douglass Blvd NM $1,540,000 R7-2 9,992 3.44 34,372 $45

106 2202 Grand Concourse BX $1,400,000 R8 3,914 6.02 23,562 $59

107 1122-128 Southern Blvd BX $1,200,000 C8-3 7,500 2 20,000 $60

108 Carye Investments Assemblage BX $1,100,000 - - - 20,000 $55

109 2825 Sampson & 2628 Miles Ave Portfolio BX $1,000,076 R3-A 5,000 0.6 15,000 $67

110 165 E 107 St NM $875,000 R7A 1,716 4 6,864 $127

111 1461 Jerome Ave BX $750,000 C8-3 3,467 2 6,934 $108

112 449 Convent Ave NM $671,000 R7-2 1,503 4 6,012 $112

113 454-456 E 180 St Portfolio BX $600,000 M1-1/R5 3,375 1.25 10,364 $58

114 116

Cushman & Wakefield is uniquely able to produce this comprehensive sales report because of our exclusive Territory

SystemTM. Each sales agent continuously tracks all property sales that occur in his or her territory. For more information about

particular transactions, contact a neighborhood sales agent below.

275 Madison Avenue, 3rd FloorNew York, NY 10016

CUSHMAN & WAKEFIELDCONTACT US

David R. [email protected] HighbridgeMelroseMorris HeightsMorrisaniaMount HopeTremont

Hall [email protected] HeightsUpper West Side

Lev [email protected] (East)

Robert M. [email protected] Heights

Josh [email protected] (West)

NORTHERN MANHATTAN

THE BRONX

Karl [email protected]

BathgateBelmontFordham

KingsbridgeNorwoodRiverdaleTremont

WakefieldWilliamsbridge

Woodlawn

Michael [email protected]

Hunts PointMelrose

Morris ParkMorrisania

Mott HavenPelham Parkway

Port MorrisSoundview

The Hub

Michael HefferonManaging Director212 696 2500 [email protected]

For more information or a complimentary property evaluation in today’s market, please contact:

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