NYC multifamily deals climb in May

New York /
Jul.July 11, 2013 11:30 AM

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


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
Alan Feldman, chief executive officer, president & chairman of the board, Resource REIT; Stephen Schwarzman, chairman, ceo & co-founder, Blackstone (Resource REIT, Getty Images, 1000 Spalding Apartment Homes)
Blackstone to pay $3.7B for REIT in latest rental push
Blackstone to pay $3.7B for REIT in latest rental push
(iStock/Illustration by Kevin Rebong for The Real Deal)
NYC investment sales hit multi-year peak to end 2021
NYC investment sales hit multi-year peak to end 2021
Lenox Grand 13505 Burnet Road, Austin, Texas (OHT Partners)
A 16-acre multifamily development headed to North Austin
A 16-acre multifamily development headed to North Austin
Bayonne Mayor Jimmy Davis (City of Bayonne, NJ, Google Maps)
Bayonne to weigh 2 redevelopment proposals
Bayonne to weigh 2 redevelopment proposals
80-08 and 81-10 135th Street in Briarwood Queens (Google Maps)
Black Spruce picks up Queens multifamily portfolio
Black Spruce picks up Queens multifamily portfolio
arrow_forward_ios

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

Loading...