Less Was More This April in New York Multifamily Sales, Belmont's On The Rise & More
Large transactions continued to dominate New York City multifamily sales in April.
According to Ariel Property Advisors’ recently released Multifamily Month in Review: April 2016, the fourth month saw dollar volume rise citywide despite fewer transactions taking place.
Led by the $470M sale of 63 and 67 Wall St, the average transaction price for the first four months of 2016 has been 37% higher than that of the same four months a year ago.
“Similar to past years, we're seeing a flurry of new listing activity as we approach the July 4th holiday,” says Ariel Property Advisors EVP Victor Sozio. “Bidding activity on our current assignments and April statistics confirm there is still significant appetite for institutional-caliber multifamily deals.”
Victor tells Bisnow that the month of April saw 84 buildings change hands across 46 transactions for a grand total of $1.23B in gross consideration.
In its latest Neighborhood Report, which focuses on The Bronx’s Belmont neighborhood, Ariel highlights the social and cultural resurgence, as well as economic development, in the area.
“Belmont is a stand-alone strong, and growing, neighborhood in The Bronx,” says Ariel VP Scot Hirschfield. “The strength of the cultural institutions in Belmont have had a positive impact on real estate demand.”
The report also focuses on Belmont’s unique geographic positioning, diverse population, and the influx of Millennials as well as student housing, which is spearheading potential changes in the neighborhood.
Ariel hosted a summer internship program for five graduating seniors from the Chapin School, an all-girls independent day school in Manhattan’s Upper East Side.
The four-day program, led by Aryeh Orlofsky, Michael Tortorici and Ariel’s Investment Research Department, provided young women with the opportunity to learn about New York City commercial real estate trends, practices and career paths from industry professionals.
Interns also had the opportunity to participate in a panel discussion with Susan Wright of Marlboro Group International, Robin Fisher of Newmark, and Yuh Tyng Patka of Tuchman, Korngold, Weiss, Liebman & Gelles.
Finally, congratulations to Ariel Property Advisors' Shimon Shkury, Victor Sozio, Michael Tortorici, Scot Hirschfield and Jason Gold for winning a Deal of Distinction award by The Executives Association of New York and SmartCEO Magazine!
The team was honored at a May 19 event for closing The Continental Portfolio, a package of 13 buildings in The Bronx they sold for $90M in 2015.
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