The dollar volume of New York City multifamily home sales soared in the first quarter by 167 percent, according to a quarterly report from Ariel Property Advisors.
Over the first three months of the year, there were 160 multifamily deals involving 293 properties totaling $2.5 billion. Back in early 2013, the 106 deals didn’t even break $1 billion. There were 182 buildings sold for a total of $922.8 million in the first quarter of last year.
The volume slipped quarter-over-quarter, as the fourth quarter of 2013 saw a solid $3.25 billion in sales.
Institutional deals were the key driving force in Brooklyn, which saw sales climb 200 percent to 120. The dollar volume there skyrocketed by 445 percent to $786.7 million in the first quarter. In Manhattan, sales were up 45 percent to 29, while dollar volume rose 156 percent to nearly $879 million.
“Our firm’s contract signings and bidding activity indicate that this trend will continue,” Shimon Shkury, president of Ariel Property Advisors, said in a statement.
In February, there were 97 multifamily properties sold, up 59 percent from the 61 buildings that month last year, as The Real Deal reported. The 40 deals citywide totaled nearly $680 million, while 32 deals totaled a mere $237.7 million in the previous 2013 period.