NYC multi-family transaction volume up 24 percent, year over year

December 14, 2012 01:00PM

New York City multi-family transaction volume rose 24 percent during the month of October compared to October 2011 and 9 percent month-over-month, according to data provided to The Real Deal by Ariel Property Advisors.

There were 51 transactions in October totaling $417.9 million, Ariel’s data shows, compared with 41 transactions totaling $336.4 million in October 2011. In September, there were 47 transactions totaling $355.12 million in gross consideration.

Manhattan, which usually leads the city in multi-family transaction volume, actually saw a relatively light month of sales in October, with 12 transactions comprising $166.2 million. In Brooklyn, there were 11 transactions totaling $77.99 million, while in Queens there were just three transactions totaling $7.2 million.

In the first three quarters of 2012, multi-family building sales in New York City totaled $4.8 billion, a 43 percent jump compared to the same period last year, Ariel President Shimon Shkury said. Shkury predicted the year-over-year increases would continue through the fourth quarter. –Katherine Clarke