The number of New York City investment sales of multi-family buildings spiked in February, according to Ariel Property Advisors’ Multi-family Month in Review report, released today.
Multi-family housing saw a 137 percent increase in total dollar volume transacted in February, to $404.36 million, up from $170.85 million in January, and up 153 percent year-over-year, from $159.66 million in February 2011, the report shows. The median price for properties that traded hands in February was $4.6 million.
In Manhattan below 96th Street, the higher-end of the market dominated, with seven of the total 13 transactions closed in the month valued over $10 million. In northern Manhattan, a number of portfolio sales resulted in $99.45 million in transactions, as 16 buildings traded hands, up from 10 in January for a total of $27.9 million, and from eight in February 2011, for a total of $35.82 million.
Queens continued to see strong activity, with four multi-family transactions, resulting in $51. 36 million in sales. This was an increase of 140 percent, from $21.4 million, in January, and of 63 percent from February 2011′s total of $31.52 million.
Brooklyn and the Bronx were quieter, with $21.143 in sales, up from $19.25 million in the same period a year earlier in Brooklyn, and sales worth $13.7 million in the Bronx, down 63 percent from last February’s total of $55.59 million.
“The New York City multi-family housing market was active both at the institutional and private client level in February,” said Shimon Shkury, president of Ariel Property Advisors. “The strength of the numbers for the month suggest that the first quarter results will be impressive.” — Guelda Voien