Multi-family sales gathering steam
Thanks largely to a boost from the $600 million sale of Westbrook Partners’ residential portfolio to Ziel Feldman, the dollar volume of July multi-family trades roared at 90 percent year-over-year, according to Ariel Property Advisors’ monthly report on multi-family sales provided exclusively to The Real Deal
Multi-family transactions in New York City leapt 43 percent in July 2013 compared to the same time one year ago. A total of 60 transactions, comprised of 109 buildings totaling $1.107 billion in gross consideration, happened in New York City in July. That compares to 42 transactions comprised of 58 buildings totaling only $583.235 million in the same month one year prior.
Compared to June, which saw 68 transactions comprised of 109 buildings and $1.043 billion in gross consideration, sales figures were relatively stable.
“July multi-family figures suggest the strong activity seen in May and June will carry through the second half, ultimately resulting in a more active sales market through the end of the year,” Shimon Shkury, president of Ariel Property, said in a release. “High demand and strong fundamentals continue to drive values higher as well.”
Manhattan led the charge with $700.675 million in gross consideration. The sub-market’s eight transactions comprised of 12 buildings were a dip from June levels but roughly even with July 2012.
The Bronx, meanwhile, had the city’s highest multi-family transaction volume with 17 sales comprised of 28 buildings, for a total of $125.620 million in gross consideration. These numbers marked a major improvement from July 2012, during which seven transactions comprised of 14 buildings totaled only $50.84 million.
For the six months ending in July 2013, the average monthly muti-family transaction volume was up to 51 from 46 transactions per month, and the average dollar volume rebounded to $620.881 million from $492.852 million in June. — Julie Strickland