Shimon Shkury, president of Ariel

New York City multi-family transactions jumped by 6 percent in January 2012 compared to December 2011, but dollar volume tumbled month-over-month due to the absence of deals by institutional investors, according to data from Ariel Property Advisors, released today.

There were 34 multi-family sales citywide in January, totaling $170.855 million in dollar volume. In contrast, there were 32 transactions in December, with $782.68 million in gross consideration. [more]

The volume of New York City multi-family building sales increased 33 percent in 2011 compared to 2010, with institutional investor interest bolstering the 43 percent year-over-year increase in dollar volume, according to data from Ariel Property Advisors released today.

In 2011, there were 436 multi-family transactions consisting of 589 buildings totaling $4.23 billion, compared with 2010, which had 392 multi-family transactions with 442 buildings totaling $2.949 billion. [more]

The number of Manhattan multi-family building sales doubled in November from its somewhat dim performance in October, according to data from Ariel Property Advisors released today.

Below 96th Street, there were a total of 16 transactions featuring 24 buildings with 460 units that sold for $130.8 million in November 2011, compared to eight transactions at nine buildings with 196 units that sold for $62 million in October 2011. [more]

New Jersey office landlord Mack-Cali Realty, is partnering with Hoboken-based Ironstate Development to develop two luxury towers with 500 rental units on the Jersey City waterfront, the Wall Street Journal reported, in an effort to diversify it’s predominantly commercial office portfolio as the market shifts towards residential.

“What they’re doing, I think it’s very smart. At the moment, the market clearly shows more demand for residential than for office,” said Jamie LeFrak, a principal at the LeFrak Organization, a major developer in Jersey City.

The towers will span two city blocks the Journal said, currently the site of vacant parking lots. Mack-Cali is aiming to break ground on the development in the last quarter of 2012. [more]

The pace of New York City multi-family sales remained strong in September, according to a report from Ariel Property Advisors released today, with 41 transactions citywide, totaling $402 million.

There was a 31 percent increase in the number of buildings sold in September compared with August, but a 9 percent dip in dollar volume, the report notes. The number of buildings sold was almost double the number sold in September 2010, when 24 buildings worth a total of $204 million traded.

“The steady activity through September suggests the multi-family market is poised for a strong finish through the end of the year,” said Shimon Shkury, president of Ariel Property Advisors. – Katherine Clarke [more]

Click chart to view the whole deal sheet summary

From the September issue:
The majority of recent commercial sales, as tracked by The Real Deal’s Deal Sheet in its September issue, have been for multi-family properties. In fact, multi-family sales accounted for 15 of the 40 commercial sales recorded, followed by development properties, which made up seven of the 40 and retail sales, which accounted for nearly $94.5 million, or six of the properties. Click here to see the full Deal Sheet summary. [more]

The level of commercial and multi-family mortgage debt that was outstanding grew by 0.1 percent in the second quarter of the year, marking the first quarter-over-quarter increase since the third quarter of 2009, according to a report by the Mortgage Bankers Association.

There was $2.4 trillion in combined outstanding commercial and multi-family mortgage debt outstanding in the second quarter, $3.5 billion more than in the first quarter. Multi-family increased by $3.9 billion or 0.5 percent to $802 billion.

“For the first time in a year-and-a-half, new commercial and multi-family mortgage originations outpaced the paying off and paying down of existing loans,” said Jamie Woodwell, MBA’s vice president of commercial real estate research. — Katherine Clarke [more]

Robert Knakal, chairman of Massey Knakal Realty Services, talked to GlobeSt.TV about building sales and an affordable housing bill package. Knakal spoke about the price differential between building types. Multi-family sector cap rates are only up 50 to 75 basis points
from the low point at the height of the market, Knakal said. In the the
retail and office sectors, cap rates are up 150 to 200 basis points, he
said, “mainly because of uncertainty about the credit worthiness of
tenants, consumer spending trends and a general malaise that the
economy has been in for a while.” Knakal also talked about his dislike of the package of affordable housing bills that is before the state Senate. He believes that if the bills are passed, there will be a deterioration of the housing stock and the real estate tax base. [more]

Senator Charles Schumer (left), City Council Speaker Christine Quinn

New York Senator Charles Schumer introduced controversial legislation
Friday that would create a federal program in which the refinancing of
over-leveraged, multi-family buildings would be based on the
apartments’ current rent roll. The bill targets buildings that are delinquent, at risk of default or
already in foreclosure, by providing refinancing capped at a level that
can be supported by the building’s income. The bill also requires that
a sufficient operating reserve be maintained in the refinanced
buildings, and would also allow the building to be transferred to
another owner, as long as the government considers the new owner
responsible. [more]