Despite rising 48 percent year-over-year in the second quarter of 2012, the volume of New York City multi-family transactions actually dipped by 6 percent month-over month in June, according to data released today by commercial brokerage Ariel Property Advisors. However, volume was still up 31 percent compared to June 2011.
A total of 46 multi-family transactions closed in June, with total dollar value of $443.8 million. In June 2011, by comparison, there were 35 transactions totaling $394.5 million. In May of this year, there were 49 multifamily transactions totaling $471.9 million.
Ariel Property Advisors President Shimon Shkury said the firm expects to see the overall gains in multi-family sales volume continue through 2012. “Bidding activity on our active listings is as strong as ever so we continue to expect this momentum to continue through the end of the year,” he said.
As usual, Manhattan was the most active borough in terms of multi-family deals in June, boosted by the sale of a 114-unit apartment building at 21 West 86th Street. There were a total of 16 transactions in the borough, totaling $255.2 million. In Brooklyn, there were 11 transactions totaling $86.4 million. The sale of two buildings, one at 140-146 North 6th Street and the other at 90-96 Meserole Street, accounted for close to 60 percent of the borough’s total dollar volume, with a combined value of $51 million.
As previously reported, economists say the success of the multi-family sector is essential to U.S. economic recovery, given a recent surge in the popularity of rental housing nationwide.