Multi-family deals up 29 percent, year-over-year

TRD NEW YORK /
Jun.June 14, 2012 11:00 AM

The volume of New York City multi-family transactions was up 29 percent year-over-year in April, but dollar volume fell by 18 percent in the same period, according to a report released today by Ariel Property Advisors. There were 44 multi-family transactions totaling $376.83 million in gross consideration in April, compared to 34 transactions totaling $462.29 million in gross consideration in April 2011.

“The decline in dollar volume reflects less activity on the institutional end and more activity by private investors,” said Shimon Shkury, Ariel’s president. “We believe the fact that more small to mid-size transactions are occurring underlies a more sustainable upward trend.”

Manhattan accounted for the majority of multi-family activity in April, with $139.41 million in gross sales over nine transactions. In Brooklyn, there were 11 transactions totaling $112.91 million in gross consideration, a large portion of which came from the sale of a two multi-family portfolios by Urban American that sold for just over $60 million.

Transaction volume was down 12 percent over March’s figures and dollar volume was down 4 percent. Building sales volume increased by 3 percent, however.

“Activity is clearly trending up as this is the third month in a row with at least 44 transactions taking place, and it is the fifth month in a row where dollar volume exceeded $375 million,” Shkury said. — Katherine Clarke


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

Michael Gianaris (NY Senate, iStock)

Gianaris proposes relief bill for renters and landlords, but not banks

From left: Jonathan Brody, Aaron Jungreis, and Alan Soclof

Stung by NY rent laws, Rosewood Realty is going nationwide

Daniel Goldstein of E&M Management

Multifamily landlord runs for mayor in Nassau County

201 West 92nd Street and 78 Riverside Drive (Credit: Google Maps)

Acuity Capital lands $324M refi on 28-building multifamily portfolio

185 S. Fourth St. and Largo co-founder Nicholas Werner (Credit: Google Maps)

Largo buys another Williamsburg rental building for $32M

arrow_forward_ios
Loading...