NYC’s multi-family sales up 14 percent in May

In New York City’s multi-family sector, the market is continuing to heat up.

Transactions in the sector were up 14 percent in May, compared with the month prior, according to a report by Ariel Property Advisors released today. Dollar volume also increased by 39 percent month-over-month, the data shows, with transactions totaling $523.39 million.

“Our research shows that May was the strongest month so far this year for multi-family sales,” said Shimon Shkury, president of Ariel Property Advisors.

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In May, the last month for which data was available, monthly transaction volume increased for the fourth consecutive time, he said. There were a total of 50 multi-family transactions citywide, compared with 44 transactions in April, according to the report. Year-over-year transaction volume jumped 85 percent, while dollar volume grew by 172 percent.

Brooklyn led the way in terms of transaction volume. There were 16 transactions in the borough, totaling $113.22 million in May. More than 50 percent of the dollar volume was generated from American Realty Advisors’ purchase of 111 Kent Avenue, a rental building in Williamsburg that traded for $56 million. As The Real Deal previously reported, the sale set a record for the highest price per unit ever paid for a multi-family property in the borough.

In Manhattan, dollar volume from multi-family sales totaled $259.16 million for just 12 transactions, including the sale of 25 Broad Street. As previously reported, that transaction was part of the California State Teachers’ Retirement System purchase of a 90 percent stake in development company LCOR from Lehman Brothers Holdings. – Katherine Clarke