NYC multifamily deals rise 50 percent in second quarter

July 22, 2013 01:00PM

Deals for New York City multifamily homes rebounded in the second quarter, jumping 50 percent from the previous quarter, the most recent report from Ariel Property Advisors shows.

The city saw 156 deals comprised of 220 buildings totaling nearly $1.6 billion in the second quarter of the year. In the preceding quarter, there were 104 deals comprised of 183 buildings totaling $967 billion, the report said. The dollar value of those trades took an even bigger leap: a 63 percent quarter-over-quarter rise.

Compared to last year’s second quarter, the change is not as positive. This quarter represents a 7 percent drop in deal volume, a 4 percent decline in building volume and 7 percent decrease in dollar volume. That period in 2012 saw 167 deals comprised of 229 buildings totaling more than $1.7 billion.

Brooklyn was ahead of the other boroughs when it comes to the number of deals for the second straight quarter. The borough had 49 sales consisting of 69 buildings, a 63 percent jump in deal volume from the first quarter.

Manhattan’s quarterly dollar volume rose 114 percent from the previous quarter, to nearly $840 million. Big deals include Joseph Betesh’s $62 million portfolio gain along the Bowery and a Carlyle Group-led partnership’s $400 million sale of 400 West 63rd Street and 60 Riverside Drive, the report said. – Mark Maurer