Strong September Caps Off Impressive Q3 for NYC
Ariel Property Advisors’ Multfamily Month in Review: September 2015 showed a strong finish to Q3, with multifamily sales for the month totaling $1.7B across 60 transactions comprised of 134 buildings. Compared to August 2015, this represents a 97% increase in dollar volume, a 58% increase in building volume and a 25% increase in transaction volume.
“With pricing consistently exceeding expectations and investors showing a strong appetite for properties with scale, the multifamily market ended Q3 with significant momentum,” said Ariel Property Advisors president Shimon Shkury in a release.
Manhattan was accountable for 67% of the city’s monthly dollar volume with large transactions such as The Caiola Portfolio, a 988-unit portfolio that was sold to Blackstone and Fairstead Capital for $690M. Following a trend seen throughout the year, Brooklyn remained the city’s most transactional submarket, with 20 trades consisting of 25 buildings totaling $200.6M.
In line with strong activity continuing through the final quarter of 2015, Ariel Property Advisors sold The Continental Portfolio, a package of 13 buildings with 612 units in the Bronx, in October for $90M. To date, the sale is the Bronx’s largest of 2015. Snapped: Ariel Property Advisors president Shimon Shkury with Madison Realty Capital managing director, origination Michael Stoler.
