December 2009
Putting the Queens, NY multifamily sales market into perspective from 2005 until today…
The sample used here is the 20 units and above, rental sub-market in Queens, NY which contains 2,154 buildings consisting of approximately 250,000 residential units:
• In 2005, 32 apartment buildings containing 2,265 units sold for a total of approximately $239,000,000.This was an average of $105,518/unit. Not an exciting year in this submarket with a turnover rate of about 1.5%.
• In 2006, the strongest year yet, 82 buildings containing 5,739 units traded for a total of approximately $706,000,000. This translated to an average of $123,017/unit. A fantastic turnover rate of 3.8%.
• In 2007, a declining year in sales in this submarket, 37 buildings containing 2,177 units sold for approximately $293,000,000 which equated to an average of $134,588/unit. A turnover rate of just 1.7%.
• Last year in 2008, a stellar year for this sub-market, 74 buildings containing 4,136 units traded for a total of approximately $607,000,000. The average price per unit was $146,760. That is a turnover rate of 3.4%
This year, in 2009, there have been only 9 multi-family transactions in the over 20 unit sub-market in Queens, containing 16 buildings with a total of 1,010 units that traded for an aggregate dollar value of $94,500,000. This year we saw the average price per unit in Queens fall to $93,564/unit.
2009 was also a historic low in the sales turnover rate, which was .74% (compared to 3.4% last year). The # of transactions this year is a drop of 79% in sales volume in the over 20-unit multi-family sector, compared to last year. About half of the transactions completed this year were owner financed or had mortgages that were assumed to get the deal done. The others were either all cash or there was at least 30% that was placed as a down payment.
For further information about the above data, please feel free to contact me.
Rubin S. Isak
CEO, Falco & Isak Realty Services
NY Building Sales 
Rubin, this is a very interesting report
thanks Tom