NYC multi-family transactions dip in September

New York /
Nov.November 08, 2012 04:00 PM

Despite a decidedly active August, New York City’s volume of multi-family transactions tailed off a little in September, according to a report released today by Ariel Property Advisors.

Only 45 multi-family transactions took place in the city in September, compared with 62 in August; that’s a 27 percent decrease in deals. Dollar volume dropped more dramatically month-over-month, falling 48 percent, from $595.19 million to $308.92 million. Year-over-year, the numbers took a more modest hit. There were 50 transactions in September 2011 totaling $467 million.

“Despite September’s decline, we continue to expect that potential capital gains increases in 2013 will result in a big fourth quarter,” said Shimon Shkury, president of Ariel. “Low interest rates and lack of product continue to drive multi-family prices higher.”

Manhattan saw a relatively light month of sales with 11 transactions totaling $145.04 million in gross consideration. By contrast, Queens had a strong month, with seven transactions totaling $37.93 million. Meanwhile, Brooklyn transaction volume remained steady month-over-month with 10 transactions totaling $51.02 million. – 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
From left: Joseph Chetrit, Barry Sternlicht, David Rubenstein, Michael Dell, and Marc Holliday, along with 305 East 86th Street and 1540 Broadway (Getty, Carlyle, Google Maps)
New York City’s biggest borrowers of 2022
New York City’s biggest borrowers of 2022
New York Community Bank CEO Thomas Cangemi
NYCB slashes 10% of staff as resi mortgages slump
NYCB slashes 10% of staff as resi mortgages slump
A photo illustration of 8 Spruce Street and 616 First Avenue (Getty, Google Maps)
NYC multifamily sales boomed, but party could be over
NYC multifamily sales boomed, but party could be over
From left: MetLife's Michel A. Khalaf and Clarion's David Gilbert along with with 44 Berry Street and 139 North 10th Street in Williamsburg (Getty, LoopNet, Clarion, MetLife)
MetLife pays $68M cash for Williamsburg apartments
MetLife pays $68M cash for Williamsburg apartments
From left: Michael Dell with 25 Water Street, Alex Sapir with 261 Madison Avenue and Marc Holiday with One Madison Avenue (Getty, Edge Funds, Sapir Organization, SL Green)
Office properties (yes, office!) got Manhattan’s biggest December loans
Office properties (yes, office!) got Manhattan’s biggest December loans
arrow_forward_ios

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

Loading...