Sales Start Year Strong
Prices kept on climbing in January, says Ariel Property Advisors president Shimon Shkury (flanked by Synapse Capital Advisors’ Al Picallo and Adi Gershoni Studio’s Adi Gershoni). For the six months ending in January, average cap rates fell below 4% in Manhattan and below 5% in Queens and hit around 5% in Northern Manhattan, according to the firm’s Multifamily Month in Review for January. Sales volume saw a big jump year-over-year: Transactions increased 76% to 58, and volume jumped 107% to $707M. “The growth in January’s year-over-year numbers suggests that 2014 is going to be a robust year for New York City multifamily sales,” Shimon says. “Contract signings and new listing activity during the first quarter back this up.” In the past month, Ariel has listed over 1,000 units citywide, including several portfolios. For a copy of our sponsor’s report, click here.
