NYC multi-family deals up 34 percent year-over-year in first quarter
The overall volume of New York City multi-family transactions increased by 34 percent in the first quarter of 2012 compared to the same period last year, according to data released today by Ariel Property Advisors, and was up 11 percent over the fourth quarter of 2011. New York City recorded 145 multi-family transactions comprised of 222 buildings in the first quarter of the year, totaling $1.15 billion, compared to first quarter 2011 figures of 108 multi-family transactions comprised of 137 buildings totaling $548.9 million.
“Our first quarter 2012 report shows that in terms of dollar volume and number of buildings sold, demand is surging for multi-family assets in Manhattan,” said Shimon Shkury, president of Ariel Property Advisors. “In Brooklyn, first-quarter dollar volume for multi-family properties is up a healthy 75 percent and the number of multi-family buildings sold nearly doubled, compared to the same period of 2011. Prices for multi-family buildings in Brooklyn appear to be rising at a faster rate than any other submarket, which is following the borough’s trend of rapidly rising rents.”
Manhattan had a total of 36 transactions, comprised of 62 buildings with a total value of $574 million in the first quarter of 2012, compared to 19 transactions, comprised of 23 buildings with a total value of $128 million in the first quarter of 2011. Brooklyn had 42 transactions in the first quarter, made up of 59 buildings totaling $181 million, compared to 24 transactions, consisting of 33 buildings in 2011.
Shkury also noted that four portfolios traded in Upper Manhattan in the first quarter, “a sign of investors’ faith in the area.” — Katherine Clarke