Multi-family deals up 29 percent, year-over-year
The volume of New York City multi-family transactions was up 29 percent year-over-year in April, but dollar volume fell by 18 percent in the same period, according to a report released today by Ariel Property Advisors. There were 44 multi-family transactions totaling $376.83 million in gross consideration in April, compared to 34 transactions totaling $462.29 million in gross consideration in April 2011.
“The decline in dollar volume reflects less activity on the institutional end and more activity by private investors,” said Shimon Shkury, Ariel’s president. “We believe the fact that more small– to mid-size transactions are occurring underlies a more sustainable upward trend.”
Manhattan accounted for the majority of multi-family activity in April, with $139.41 million in gross sales over nine transactions. In Brooklyn, there were 11 transactions totaling $112.91 million in gross consideration, a large portion of which came from the sale of a two multi-family portfolios by Urban American that sold for just over $60 million.
Transaction volume was down 12 percent over March’s figures and dollar volume was down 4 percent. Building sales volume increased by 3 percent, however.
“Activity is clearly trending up as this is the third month in a row with at least 44 transactions taking place, and it is the fifth month in a row where dollar volume exceeded $375 million,” Shkury said. — Katherine Clarke