The Real Deal New York

Manhattan multi-family sales volume doubles in November: report

January 09, 2012 02:00PM

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.

“The borough resumed its role as the dominant player in the multi-family market with 50 percent of the total transactions citywide taking place below 96th Street,” said Shimon Shkury, president of Ariel Property Advisors.

Citywide, there were 40 transactions comprised of 51 buildings totaling just over $250 million in November, compared to the previous month, which had 28 transactions comprised of 50 buildings totaling $256.16 million.

Brooklyn was the second most active submarket. For the month, the borough posted 13 transactions comprised of 14 buildings totaling $57.17 million. — Katherine Clarke