NYC multi-family sales increase, prices drop

The pace of New York City multi-family sales remained strong in September, according to a report from Ariel Property Advisors released today, with 41 transactions citywide, totaling $402 million.

There was a 31 percent increase in the number of buildings sold in September compared with August, but a 9 percent dip in dollar volume, the report notes. The number of buildings sold was almost double the number sold in September 2010, when 24 buildings worth a total of $204 million traded.

“The steady activity through September suggests the multi-family market is poised for a strong finish through the end of the year,” said Shimon Shkury, president of Ariel Property Advisors.

Manhattan south of 96th Street dominated sales, with 21 building transactions valued at $290.5 million
accounting for 44 percent of the building sales volume. — Katherine Clarke