Mid-size multi-family transactions power the sector in third quarter

New York /
Oct.October 18, 2012 11:30 AM

New York City multi-family transaction volume increased 26 percent year-over-year in the third quarter, according to a report by Ariel Property Advisors.

There were 163 multi-family deals made in the third quarter compared to just 129 in the third quarter of 2011, but, due to a large number of mid-sized transactions, dollar volume dropped 23 percent from $1.79 billion to $1.38 billion. Compared to the second quarter of 2012, transaction volume was up 4 percent, while dollar volume was up 1 percent.

“Multifamily properties continued to trade at a robust pace in the third quarter,” said Shimon Shkury, president of Ariel Property Advisors. “All eyes now turn to the fourth quarter as we expect the uncertainty about the 2013 tax environment to drive a significant increase in sales by the end of the year.”

Manhattan led the way in transaction volume in the third quarter, showing a marked increase in transaction and building volume over the second quarter of 2012. There were 52 sales totaling $815 million in the third quarter compared to just 42 sales totaling $687.45 million in the second quarter. The third quarter paled in comparison however to the third quarter of 2011, which saw 47 sales totaling $1.44 billion in Manhattan. — 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
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”
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
New York’s multifamily market had its slowest first half of the year since 2011
Rolling Gardens Apartment Homes at 405 Franklin Turnpike in Mahwah NJ (Apartments.com)
Morgan Properties trades NJ multifamily portfolio for $57.5M
Morgan Properties trades NJ multifamily portfolio for $57.5M
Carlyle's Kewsong Lee and Jason Hart with 22-22 Jackson Avenue (Carlyle Group, ODA Architecture)
For $85M, Carlyle nabs another LIC resi building
For $85M, Carlyle nabs another LIC resi building
Skylight Real Estate Partners founding partner Bennat Berger and 340 Old River Road in Edgewater (Google Maps, LinkedIn)
New firm pays $50M for Edgewater multifamily
New firm pays $50M for Edgewater multifamily
Slate Property Group principal Martin Nussbaum and 210 Clarkson Avenue (Slate, RIPCO)
K2 Real Estate nabs $68M to kick off Prospect-Lefferts Gardens resi project
K2 Real Estate nabs $68M to kick off Prospect-Lefferts Gardens resi project
Scott Rechler’s RXR gets mega-refi for Yonkers project that proved critics wrong
Scott Rechler’s RXR gets mega-refi for Yonkers project that proved critics wrong
Scott Rechler’s RXR gets mega-refi for Yonkers project that proved critics wrong
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...