NYC multi-family building sales up 33 percent year-over-year

The volume of New York City multi-family building sales increased 33 percent in 2011 compared to 2010, with institutional investor interest bolstering the 43 percent year-over-year increase in dollar volume, according to data from Ariel Property Advisors released today.

In 2011, there were 436 multi-family transactions consisting of 589 buildings totaling $4.23 billion, compared with 2010, which had 392 multi-family transactions with 442 buildings totaling $2.949 billion.

“Multi-family sales in 2011 were distinguished by institutional investors returning to the market and an increase in portfolio sales,” said Shimon Shkury, president of Ariel Property Advisors. “While banks were reluctant to swallow such large transactions in the aftermath of the financial crisis, we believe today’s stronger fundamentals, greater appetite for yield, and more confident underwriting will continue to attract institutional investors through 2012.”

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Manhattan’s multi-family asset class saw 126 transactions consisting of 167 buildings totaling $2.55 billion in 2011, while Brooklyn saw 119 multi-family transactions consisting of 154 buildings totaling approximately $592 million. In Queens, there were transactions consisting of 40 buildings totaling $262.6 million in sales. — Katherine Clarke