NYC multi-family transaction volume up 24 percent, year over year

Click to enlarge
Click to enlarge

New York City multi-family transaction volume rose 24 percent during the month of October compared to October 2011 and 9 percent month-over-month, according to data provided to The Real Deal by Ariel Property Advisors.

There were 51 transactions in October totaling $417.9 million, Ariel’s data shows, compared with 41 transactions totaling $336.4 million in October 2011. In September, there were 47 transactions totaling $355.12 million in gross consideration.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Manhattan, which usually leads the city in multi-family transaction volume, actually saw a relatively light month of sales in October, with 12 transactions comprising $166.2 million. In Brooklyn, there were 11 transactions totaling $77.99 million, while in Queens there were just three transactions totaling $7.2 million.

In the first three quarters of 2012, multi-family building sales in New York City totaled $4.8 billion, a 43 percent jump compared to the same period last year, Ariel President Shimon Shkury said. Shkury predicted the year-over-year increases would continue through the fourth quarter. –Katherine Clarke