NYC multifamily deals climb in May

July 11, 2013 11:30AM

More New York City multifamily homes sold in May than the month before, but numbers are still down year-over-year, the latest report from Ariel Property Advisors shows.

The 51 deals, comprised of 73 buildings, represented an increase of 21 percent from month-over-month. April saw 42 deals for 58 buildings. May, however, saw a 26 percent rise in the number of buildings from deals, according to Ariel Property Advisors data.

The total volume of sales – nearly $380 million – was 40 percent less than last month’s nearly $639 million. A single $400 million deal in April accounts for the drop.

Compared to May 2012, transaction volume, building volume and the dollar volume were all down — by 15 percent, 4 percent and 28 percent, respectively, the report shows. That month last year saw 60 transactions, 76 buildings traded and $536 million in gross consideration.

Brooklyn topped the other boroughs as the most active submarket for both deals and dollar volume. It had 18 sales comprised of 27 buildings – some residential and some mixed-use – totaling $134.3million in gross consideration. Manhattan trailed Brooklyn with dollar volume of $121.2 million.

The average monthly deal volume for a six-month period through May fell to 55 deals a month, from 57 in April, the report showed. – Mark Maurer