NEW YORK, NY – April 5, 2012 – (RealEstateRama) — New York City multifamily sales activity surged in February 2012, far exceeding January’s lackluster figures and year-over-year comparisons, according to Ariel Property Advisors’ Multifamily Month in Review: New York City.
February 2012 multifamily sales saw 35 transactions comprised of 70 buildings totaling $404.335 million in gross consideration, which is a three percent increase in transaction volume, a 49 percent increase in building volume, and a significant 137 percent increase in dollar volume compared to January 2012, which saw 34 transactions comprised of 47 buildings totaling $170.85 million in gross consideration
“The New York City multifamily housing market was active both at the institutional and private client level,” said Shimon Shkury, president of Ariel Property Advisors. “The strength of the numbers in February suggest that the first quarter results will be impressive.”
February 2012 figures were also up 21 percent in transaction volume, 89 percent in building volume and 153 percent in dollar volume compared to February 2011, which saw 29 transactions comprised of 37 buildings totaling $159.659 million in gross consideration.
Manhattan (below 96th Street). Following a relatively light January, Manhattan led the month in transaction, building, and dollar volume. The borough saw 13 transactions consisting of 30 buildings for a total of $218.68 million in gross consideration. The upper end of the market dominated as seven of these transactions were priced at $10 million or higher.
Northern Manhattan. A flurry of portfolio sales also led to a very active month in Northern Manhattan. This submarket was the second most active after Manhattan as seven transactions consisting of 16 buildings totaling $99.448 million in dollar volume took place. Notable trades included The West 116th Street Portfolio, which Ariel Property Advisors sold for $18.4 million at the beginning of the month.
Queens. For the second month in a row, the Queens’ multifamily market showed strong activity. The borough had four transactions consisting of eight buildings totaling $51.363 million in gross consideration. Most of this activity came from the sale of a five-building portfolio in Jamaica for $39 million.
Brooklyn. Brooklyn’s multifamily market showed modest activity in February compared to the other submarkets. For the month, there were eight transactions consisting of 11 buildings totaling $21.143 million in gross consideration. This is down compared to January figures, but an improvement compared to February 2011, which saw only five sales totaling $19.245 million in gross consideration.
The Bronx. The Bronx also had a relatively light month as only three transactions took place consisting of five buildings totaling $13.7 million in gross consideration. This is down compared to both January 2012 and February 2011. Recent activity on Bronx multifamily offerings marketed by Ariel Property Advisors, however, suggests that this is not part of a broad trend.
Trailing 6-Month Sales Averages
For the six months ended in February 2012, average monthly transaction volume rebounded from a dip last month to 35 transactions per month. The six-month average dollar volume also remained steady at $377 million in February 2012.
Ariel Property Advisors’ Multifamily Month in Review: New York City captures multifamily sales of buildings with 10 or more units and a sale price of $1 million and up.
More information is available from Mr. Shkury at 212-544-9500, ext. 11, or sshkury (at) arielpa (dot) com. For a copy of the report, please see http://arielpa.com/newsroom/report-MFMIR-Feb-2012.
Ariel Property Advisors is a New York City investment property sales firm with an expertise in the multifamily market. The firm also produces a number of research reports including the Multifamily Month in Review: New York City; Northern Manhattan Sales Report; Northern Manhattan Commercial Report; and the Northern Manhattan Residential Rental Report. More information is available at arielpa.com.
Photo caption:
Shimon Shkury, president of Ariel Property Advisors.
Stay Connected:
• Ariel Property Advisors (para.1)»
http://arielpa.com/about/company/
• Multifamily Month in Review: New York City (para.1)»
http://arielpa.com/newsroom/report-MFMIR-Feb-2012
• Shimon Shkury (para.3)»
http://arielpa.com/about/team/shimon-shkury/
Gail M. Donovan
Director of Communications
Ariel Property Advisors
P: (212) 5449500 ext. 19
C: (917) 3015706
