Multifamily Sales Still Rising
Q2 ’14 NYC multifamily building sales increased 18% over Q2 ’13 to 328, and dollar volume rose a modest 1% to $2.1B, according to Ariel Property Advisors’ Multifamily Quarter in Review: New York City, Q2 '14. Every submarket covered "showed gains across all pricing metrics,” says Ariel president Shimon Shkury (snapped with colleagues Josh Berkowitz, David Baruch, and Jonathan Berman at the recent Jewish Children’s Museum Golf & Tennis Celebration). Portfolio sales drove activity in the Bronx—which had more transactions (52) and buildings trade (98) than any submarket—and in Brooklyn, which saw an 86% year-over-year increase in dollar volume to $578.8M. Ariel recently closed a 59-unit, mixed-use portfolio at 220 W 116th St and 449 W 125th St for $15.5M, a 75% increase from the portfolio’s 2012 sale price, and put another uptown portfolio into contract for 75% more than its ’07 price. Click here for a copy of our sponsor’s Q2 MFQIR.
