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Multifamily property sales in New York City in August were the lowest recorded so far in 2016, with a smaller number of high priced sales playing a large role in the August figures. The August decline came after several consecutive months of over $1 billion in multifamily sales being recorded in New York City, according to a report released yesterday by New York brokerage Ariel Property Advisors.

Multifamily sales totaled $574,702,833 in August. This was almost 50 percent lower than the $1.1 billion in multifamily sales recorded the previous month. August’s sales volume was down 32 percent from August 2015.

The number of multifamily transactions and the total number of multifamily buildings in New York City also recorded declines month-over-month. In August, 48 transactions made up of 63 buildings were sold. This was was down sharply from the 61 transactions comprised of 112 buildings sold in July.

Multifamily sales are expected to reach $2.54 billion in the third quarter of 2016, according to Ariel Property Advisors’ data. This would be down significantly from the $3.65 billion in multifamily sales recorded in the third quarter of 2015.

Multifamily sales in Manhattan made up 29 percent of all of New York City’s multifamily sales — the highest of all the areas tracked. Thirty percent of all the multifamily buildings sold in August in New York City were located in Manhattan.

Manhattan’s multifamily sales volume for August dropped 50 percent year-over-year to $168,190,000. This was also a 36 percent decrease from the $261,825,000 recorded in the previous month.

The number of multifamily sales transactions in Manhattan doubled from last year to 16 in August. Nineteen buildings were sold in August in Manhattan, almost twice as many as the previous year. However, it was down from the 26 multifamily buildings sold in Manhattan the previous month.

Much of the decline in the multifamily market can be attributed to a lack of “institutional-caliber deals” in August, says Ariel Property Advisors. It adds that only 3 transactions exceeded $40 million in August.

To view the entire August multifamily report, please click here.

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