In New York City’s multi-family sector, the market is continuing to heat up.
Transactions in the sector were up 14 percent in May, compared with the month prior, according to a report by Ariel Property Advisors released today. Dollar volume also increased by 39 percent month-over-month, the data shows, with transactions totaling $523.39 million.
“Our research shows that May was the strongest month so far this year for multi-family sales,” said Shimon Shkury, president of Ariel Property Advisors.
In May, the last month for which data was available, monthly transaction volume increased for the fourth consecutive time, he said. There were a total of 50 multi-family transactions citywide, compared with 44 transactions in April, according to the report. Year-over-year transaction volume jumped 85 percent, while dollar volume grew by 172 percent.
Brooklyn led the way in terms of transaction volume. There were 16 transactions in the borough, totaling $113.22 million in May. More than 50 percent of the dollar volume was generated from American Realty Advisors’ purchase of 111 Kent Avenue, a rental building in Williamsburg that traded for $56 million. As The Real Deal previously reported, the sale set a record for the highest price per unit ever paid for a multi-family property in the borough.
In Manhattan, dollar volume from multi-family sales totaled $259.16 million for just 12 transactions, including the sale of 25 Broad Street. As previously reported, that transaction was part of the California State Teachers’ Retirement System purchase of a 90 percent stake in development company LCOR from Lehman Brothers Holdings. – Katherine Clarke