Following a lackluster performance in July, New York City multi-family sales volume rebounded by 44 percent in August, according to a report by Ariel Property Advisors.
There were 56 multi-family transactions citywide in August totaling $574.5 million, the report shows, compared to just 39 transactions totaling $261.36 million in July. There was also a 65 percent increase in transaction volume year-over-year for the month of August.
“We expected to see a jump in August because July’s figures were well below the monthly averages we’ve recorded this year and didn’t correspond with the conditions or outlook for the multi-family market,” said Shimon Shkury, president of Ariel Property Advisors. “In fact, for the six months ended August 2012, the city had an average of 47 multifamily transactions per month, which is the highest level we’ve seen since we began tracking this data point.”
Manhattan led the city’s market in multi-family transactions in August and accounted for 70 percent of the city’s overall deal volume. There were 18 transactions in the borough totaling $401.09 million. The Bronx beat out Brooklyn with 13 transactions totaling $68.3 million; Brooklyn also had 13 transactions but a total gross consideration of only $51 million. Queens had just three multi-family building sales, totaling $5.6 million. –Katherine Clarke