Multi-family transactions were up 48 percent year-over-year in the second quarter of 2012, according to a report released today by Ariel Property Advisors.
A total of 193 buildings worth $1.38 billion traded citywide in the second quarter, compared with 129 buildings totaling $1.06 billion in the first quarter of 2012 and 149 buildings totaling $1.03 billion in the second quarter of 2011.
“Our research demonstrates the tremendous upward momentum both sellers and buyers are experiencing in today’s multi-family market,” said Shimon Shkury, president of Ariel Property Advisors. “Recent bidding activity, low interest rates, and increasing prices lead us to believe that this pace should carry on through the end of the year.”
Manhattan deals constituted 46 percent of the city’s total dollar volume for the quarter, the report shows. The average price per square foot for deals in the borough was $574, 26 percent higher than in the previous quarter and 12 percent higher than in the second quarter of 2011. The volume of multi-family transactions in Manhattan jumped to 39 from 24 year-over-year, while dollar volume increased to $348 million from $152.8 million.
Brooklyn transactions accounted for 25 percent of the city’s multi-family dollar volume for the quarter. There were 39 transactions in the borough in the second quarter, a 63 percent increase over the previous year’s quarter. Dollar volume in the borough increased to $348 million from $152.8 million. – Katherine Clarke