PROPERTY SALES REPORT

Transcription

1 YEAR END 2015 PROPERTY SALES REPORT NORTHERN MANHATTAN & THE BRONX

2 N. MANHATTAN / THE BRONX PROPERTY SALES Following a record-breaking year in 2014, which included the alltime record for properties sold, the New York City investment sales market witnessed another record-breaking year 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 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 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 & Turnover In 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 In 4Q15, 56 properties sold, a decrease of 56% from 15. 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 Volume The aggregate sales consideration in 2015 for Northern Manhattan was $2.1B, a decrease of 32% from 2014, with $359M. The average price per property for Northern Manhattan was $6M, down 6% from The total aggregate sales consideration for in 2015 was $2.4B. This was up 9% from last year, with $512M sold in 4Q15, a decrease of 33% from 15. The average price per property for was $3.6M, a 2% increase over % OF PROPERTIES SOLD BY TYPE (4th Quarter 2015) % OF DOLLAR VOLUME BY TYPE 2% 1% 1% 3% 2% 12% 1% 13% 11% 6% 12% 13% 20% 4% 9% 99% 6% 47% Northern Manhattan 12% 45% 27% 37% N. Manhattan 1 Industrial Elevator 6 25 Walk Up 51 7 Mixed Use 38 - Retail 8 - Office 2 5 Development 18 7 Specialty Use 2 56 TOTAL 140 Northern Manhattan 34% 27% 1% 7% 38% N. Manhattan $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 DOLLAR VOLUME & NUMBER OF PROPERTIES SOLD $1.8B $1.6B $1.4B Dollar Volume N. Manhattan # of Properties Sold N. Manhattan $1.2B 400 $1B $800M 300 $600M 200 $400M $200M 100 $ $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

3 YEAR END 2015 Northern Manhattan Elevator Buildings 2015 dollar volume was $712M, down 55% from 2014 with $169M 41 properties sold in 2015, down 38% from 2014 with 11 properties Cap rates averaged 3.62%, down 76bps from 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 4Q properties sold in 2015, down 27% from 2014 with 25 properties Cap rates averaged 4.55%, down 43bps from 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 29 properties sold in 2015, down 54% from 2014 with 7 properties Cap rates averaged 3.81%, down 196bps from 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 47 properties sold in 2015, up 9% from 2014 with 5 properties $/BSF averaged $197, up 37% from 2014 Other Property Types 32 Specialty Use/Conversion properties sold for $65M, averaging $405/SF in Retail properties sold for $62M, averaging $603/SF in 2015 Industrial 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 $/SF averaged $145, down 3% from 2014 Elevator Buildings 2015 dollar volume was $695M, down 22% from 2014 with $65M 79 properties sold in 2015, down 32% from 2014 with 6 properties Cap rates averaged 5.40%, down 68bps from 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 216 properties sold in 2015, down 17% from 2014 with 51 properties Cap rates averaged 6.14%, down 113bps from GRM increased from 7.83x in 2014 to 9.62x in 2015 $/SF averaged $148, up 26% from 2014 NUMBER OF PROPERTIES SOLD & PERCENTAGE OF TURNOVER # of Properties Sold N. Manhattan GROSS RENT MULTIPLE 19.0 NM Walk Up NM Elevator % 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% Turnover N. Manhattan % 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% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 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 Cap rates averaged 7.11%, down 83bps from 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 Development sites sold for $186M, averaging $53/BSF in 2015 CAP RATES NM Walk Up NM Elevator BX Walk Up BX Elevator BX Walk Up BX Elevator

4 N. MANHATTAN / THE BRONX PROPERTY SALES 1 INDUSTRIAL BUILDINGS ADDRESS PRICE GROSS SF PR/SF W 161 St NM $4,100,000 19,984 $205 2 Cauldwell Ave BX $3,500,000 22,750 $ Whittier St BX $1,450,000 6,750 $ & 2951 Tremont Ave BX $1,241,825 21,870 $ Cooper Ave BX $1,000,000 11,646 $ Manida St BX $920,000 5,000 $ De Lavall Ave BX $850,000 5,900 $ Southern Blvd BX $795,000 8,600 $ E Tremont Ave BX $650,000 1,500 $ ELEVATOR APARTMENT BUILDINGS St Nicholas Ave NM $41,000, ,300 $ $350, Parkash BX $30,600, ,036 $ $157, % W 111 St NM $29,985,000 43,145 $ $681, % Amsterdam Ave^ NM $29,100, $334, W 188 St NM $23,100,000 98,124 $ $262, % Walton Ave BX $16,425,000 55,312 $ $288, % St Nicholas Ave NM $15,500,000 33,780 $ $387, W 137 St NM $12,000,000 30,876 $ $214, % W 160 St NM $11,300,000 63,384 $ $235, Dekalb Ave BX $8,850,000 55,680 $ $155, St Nicholas Ter NM $6,300,000 10,420 $ $420, Macombs Rd BX $5,620,000 43,000 $ $114, Ogden Ave BX $3,650,000 26,355 $ $121, Madison Ave NM $1,000,000 9,825 $102 6 $166, WALK UP APARTMENT BUILDINGS Continental Bronx Bronx 5 Building Columbia Audubon Apartment Rhodium Capital 2155 Grand Ave Vermilyea Avenue Ft George Ave BX $90,000, ,956 $ $147, BX $40,500, ,324 $ $158, % NM $36,000, ,997 $ $240, % NM $34,122,626 89,873 $ $321, % - BX $13,000,000 82,400 $ $135, NM $10,150,000 46,300 $ $199, NM $7,900,000 35,135 $ $197, % W 136 St NM $6,725,000 15,048 $ $269, % W 144 St NM $6,675,000 17,650 $ $333, East 199th, Ft. Ind, Creston & Briggs BX $6,000,000 42,883 $ $162, Above are all sales completed during the 4th Quarter of 2015 at $500,000 or above. ^ Ground Lease

5 YEAR END 2015 WALK UP APARTMENT BUILDINGS W 189 St NM $5,740,000 24,876 $ $191, % Sheridan Ave BX $5,600,000 44,000 $ $130, Sheridan Ave BX $5,410,000 40,050 $ $100, Rochambeau Ave BX $5,300,000 30,075 $ $143, E 119 NM $5,300,000 20,750 $ $240, Kingsbridge Ave BX $4,600,000 24,000 $ $143, % E 181 St BX $4,150,000 22,720 $ $153, W 180 St NM $4,000,000 17,450 $ $200, White Plains Rd BX $2,400,000 13,280 $ $126, W 127 St NM $2,155,000 3,834 $562 6 $359, Rowland St BX $2,000,000 12,048 $ $117, White Plains Rd BX $1,700,000 13,944 $ $100, % W 148 St NM $1,500,000 3,515 $427 6 $250, Holland Ave BX $1,430,000 8,300 $ $110, % E 135 Street BX $1,349,000 5,862 $ $103, College Ave BX $1,140,000 11,040 $ $103, E 135 St BX $1,110,000 9,205 $ $111, Oakland Pl BX $1,000,000 8,265 $121 8 $125, E 227 St BX $950,000 6,000 $158 8 $118, % Anderson Ave BX $935,000 12,160 $77 9 $103, Loring Pl S BX $890,000 14,400 $62 11 $80, Soundview Ave BX $800,000 4,728 $169 5 $160, % E 108 St NM $800,000 5,100 $157 6 $133, City Island Ave BX $775,000 4,650 $167 6 $129, % W 179 St NM $731,500 2,033 $360 6 $121, Ellison Ave BX $700,000 4,800 $146 6 $116, Hoe Ave BX $700,000 3,663 $191 6 $116, Barnes Ave BX $675,000 5,451 $124 7 $96, Colden Ave BX $625,000 3,744 $ Topping Ave BX $620,000 5,399 $115 6 $103, Tiebout Ave BX $600,000 8,060 $74 8 $75, Melville St BX $556,500 3,149 $177 6 $92, Cambreleng Ave BX $525,000 3,300 $159 5 $105, MIXED USE BUILDINGS St Nicholas Ave White Plains Rd NM $10,805,000 20,932 $ $491, BX $4,918,540 29,140 $ $153, E 116 St NM $4,800,000 9,765 $492 7 $685, Lexington Ave NM $4,200,000 8,840 $475 9 $466, % Above are all sales completed during the 4th Quarter of 2015 at $500,000 or above.

6 N. MANHATTAN / THE BRONX PROPERTY SALES 78 MIXED USE BUILDINGS Broadway NM $3,500,000 5,457 $641 6 $583, % Amsterdam Ave NM $3,262,500 9,313 $ $233, % W 142 St NM $3,075,000 5,668 $543 2 $1,537, Melrose Ave BX $3,050,000 9,342 $ $145, % Ogden Ave BX $2,750,000 19,000 $ $130, E 186 St BX $2,500,000 18,600 $ $119, Longwood Ave BX $2,200,000 13,250 $ $129, rd Avenue City Island Ave BX $2,000,000 13,250 $151 9 $222, % - BX $2,000,000 10,800 $ $200, E 181 St BX $1,752,000 9,820 $ $125, & 632 Morris Ave BX $1,500,000 7,257 $207 9 $166, Bryant Ave BX $1,260,000 13,900 $91 6 $210, Brook Ave BX $1,255,000 8,392 $150 9 $139, Tinton Ave BX $1,200,000 7,873 $152 6 $200, E 183 St BX $1,050,000 8,640 $122 9 $116, % E 138 St BX $1,000,000 8,775 $ $90, % Prospect Ave BX $945,000 5,400 $175 8 $118, W 144 St NM $840,000 3,672 $229 8 $105, E Tremont Ave BX $800,000 3,046 $263 3 $266, Westchester Ave BX $800,000 3,780 $212 3 $266, Courtlandt Ave BX $738,000 3,750 $197 6 $123, % Mosholu Ave BX $682,000 3,608 $189 4 $170, E Tremont Ave 1748 E Tremont Ave BX $675,000 3,212 $210 4 $168, BX $670,000 4,522 $148 3 $223, White Plains Rd BX $660,000 3,120 $212 3 $220, % E Tremont Ave BX $520,000 5,526 $94 8 $65, Miles Ave BX $500,000 4,179 $120 3 $166, Taylor Ave BX $500,000 4,776 $105 3 $166, RETAIL BUILDINGS ADDRESS PRICE GROSS SF PR/SF CAP RATE W 237 Street Williamsbridge Rd * BX $132,925, ,255 $ % BX $3,750,000 14,118 $ W 181 St BX $1,225,000 2,165 $ % E Tremont Ave BX $875,000 3,800 $ Williamsbridge Rd BX $795,000 2,205 $361 - Above are all sales completed during the 4th Quarter of 2015 at $500,000 or above. * Retail Condo

7 YEAR END 2015 DEVELOPMENT SITES ADDRESS PRICE ZONING LOT AREA FAR BSF PR/BSF E 178 St BX $1,600,000 R8 5, ,879 $ Frederick Douglass Blvd NM $1,540,000 R7-2 9, ,372 $ Grand Concourse BX $1,400,000 R8 3, ,562 $ Southern Blvd BX $1,200,000 C8-3 7, ,000 $ Carye Investments Assemblage 2825 Sampson & 2628 Miles Ave BX $1,100, ,000 $55 BX $1,000,076 R3-A 5, ,000 $ E 107 St NM $875,000 R7A 1, ,864 $ Jerome Ave BX $750,000 C8-3 3, ,934 $ Convent Ave NM $671,000 R7-2 1, ,012 $ E 180 St BX $600,000 M1-1/R5 3, ,364 $58 OFFICE BUILDINGS ADDRESS PRICE GROSS SF PR/SF Washington Ave BX $2,650,000 18,000 $ Ave BX $566,638 3,670 $ SPECIALTY USE / CONVERSION BUILDINGS ADDRESS PRICE GROSS SF PR/SF W 136 St NM $7,075,000 18,166 $ W 130 St NM $1,850,000 4,072 $ W 127 St NM $1,640,000 4,200 $ Lorillard Pl BX $879,000 7,400 $ W 123 St NM $630,000 4,529 $ Webster Ave BX $575,000 1,200 $ W 131 St NM $574,000 2,499 $ Above are all sales completed during the 4th Quarter of 2015 at $500,000 or above. Methodology 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 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. Cushman & Wakefield Copyright 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.

8 CUSHMAN & WAKEFIELD CONTACT US 275 Madison Avenue, 3rd Floor New York, NY For more information or a complimentary property evaluation in today s market, please contact: Michael Hefferon Managing Director x7707 michael.hefferon@cushwake.com 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. NORTHERN MANHATTAN THE BRONX Robert M. Shapiro robert.shapiro@cushwake.com Inwood Washington Heights David R. Simone david.simone@cushwake.com Concourse Highbridge Melrose Morris Heights Morrisania Mount Hope Tremont Karl Brumback karl.brumback@cushwake.com Bathgate Belmont Fordham Kingsbridge Norwood Riverdale Tremont Wakefield Williamsbridge Woodlawn Josh Lipton josh.lipton@cushwake.com Harlem (West) Hall Oster hall.oster@cushwake.com Morningside Heights Upper West Side Lev Kimyagarov lev.kimyagarov@cushwake.com Harlem (East) Michael Hefferon michael.hefferon@cushwake.com Hunts Point Melrose Morris Park Morrisania Mott Haven Pelham Parkway Port Morris Soundview The Hub