Despite a decidedly active August, New York City’s volume of multi-family transactions tailed off a little in September, according to a report released today by Ariel Property Advisors.
Only 45 multi-family transactions took place in the city in September, compared with 62 in August; that’s a 27 percent decrease in deals. Dollar volume dropped more dramatically month-over-month, falling 48 percent, from $595.19 million to $308.92 million. Year-over-year, the numbers took a more modest hit. There were 50 transactions in September 2011 totaling $467 million.
“Despite September’s decline, we continue to expect that potential capital gains increases in 2013 will result in a big fourth quarter,” said Shimon Shkury, president of Ariel. “Low interest rates and lack of product continue to drive multi-family prices higher.”
Manhattan saw a relatively light month of sales with 11 transactions totaling $145.04 million in gross consideration. By contrast, Queens had a strong month, with seven transactions totaling $37.93 million. Meanwhile, Brooklyn transaction volume remained steady month-over-month with 10 transactions totaling $51.02 million. – Katherine Clarke