New York City’s multifamily market saw a total of $783 million in deals in April, a year-over-year increase of just under 30 percent, according to a new report.
Although sales across all markets slowed from March, transaction volume in the city rose 43 percent year-over-year in April, with 112 buildings trading in 66 transactions, according to the report by Ariel Property Advisors.
“Demand continues to exceed available supply, which is pushing up transaction volume and pricing,” said Shimon Shkury, president of the firm.
Queens made the strongest comeback in multifamily sales year-over-year. The borough had 10 building sales which totaled $23.1 million. During the same period last year, only a single building traded for $3.4 million.
Brooklyn accounted for 30 percent of all buildings sold throughout the city in April, again leading the way in terms of number of transactions and building volume. The borough saw 34 multifamily buildings trade across 20 transactions totaling $206.5 million. Notable sales include a 129-unit Clinton Hill portfolio which traded for $38 million.
Meanwhile, Manhattan had the highest dollar volume, with $247.3 million in sales from 20 buildings and 13 transactions. Wafra Residential Value Invest’s $98.3 million purchase of an 85-unit luxury rental building at 138 East 12th Street helped to bolster the area’s high dollar volume for the month.
In the Bronx, E&M Associates sold a 182-unit building at 975 Walton Avenue for $31 million. The deal was one the borough’s priciest to close in April. Multifamily sales in the borough totaled $153 million from 29 buildings.