Ariel Property Advisors Year in Review
Ariel Property Advisors president Shimon Shkury says 2012 will be remembered as a good year for NYC multifamily. Boosted by a big Q4, transactions rose 36% over '11, the number of buildings sold increased 42%, and the dollar volume jumped 54%. The firm's year-in-review report notes that higher prices were driven by increased rents, low interest rates, and a lack of inventory. Other key findings: Cap rates compressed in 2012, especially in Manhattan (as international investors helped demand exceed supply). Brooklyn has started to rival Manhattan in its unique price ranges, leading many investors to the Bronx (a 43% increase in dollar volume, via institutional sales). For more info on our sponsor, click here. To read Ariel Property Advisors report, click here.
