The Real Deal New York

Bronx leads city in October multi-family sales

December 05, 2011 03:40PM

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The Bronx led the city in multi-family sales in October 2011 with 25 buildings sold, totaling $96.6 million, or 37 percent of the city’s multi-family sales for the month, according to a report from Ariel Property Advisors.

Fifty multi-family buildings, totaling $256 million, traded in 28 transactions in the city in October overall, compared to 47 multi-family buildings totaling $402.9 million that traded in 41 transactions in September.

“The Bronx is poised to rebound out of the many restructurings that took place in the last 24 months,” said Shimon Shkury, president of Ariel. “Citywide we saw a shift in October sales from larger buildings to smaller buildings. Since we’re only looking at one month, however, it’s too early to see if this is a trend.”

Manhattan was the second most active borough with eight transactions comprising nine buildings, and $62 million. Brooklyn had seven transactions consisting of eight multi-family buildings, totaling $39.3 million, according to the report. – Katherine Clarke

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