Large Deals Dominate Q1
Institutional deals led the charge of NYC multifamily sales in Q1, prompting impressive year-over-year gains in all metrics, according to Ariel Property Advisors president Shimon Shkury (snapped at Bisnow’s recent NYC Multifamily Summit with colleagues Aryeh Orlofsky, Daniel Tropp, and Ivan Petrovic). Transactions rose 51% to 160, building volume increased 61% to 293, and dollar volume jumped 167% to $2.5B, the firm’s Multifamily Quarter in Review: Q1 2014 shows. Brooklyn posted the strongest gains, with year-over-year sales jumping 200% to 120 and dollar volume soaring 445% to $768M. Manhattan dollar volume increased 156% to $878M. Pricing advanced considerably year-over-year, with gains in all metrics in every submarket covered in the report. Ariel's contract signings and bidding activity indicate that Q1 trends will continue. For a copy of our sponsor’s report, click here.
