NYC multifamily property transactions skyrocket

Transactions for multifamily properties increased dramatically during the start of 2012.

A recent report from Ariel Property Advisors showed that property management companies ramped up transactions in New York City during the first quarter, as multifamily property sales rose 34 percent year-over-year.

When compared with the previous quarter, the first part of 2012 had 11 percent more sales, according to the report. Overall, 145 properties which cost more than $1 million and contained at least 10 units were sold during the first quarter. In total, 222 buildings changed hands.

"Things look positive in New York City in the multifamily market," Shimon Shkury, president of Ariel Property Advisors, told Multi-Housing News. "We did a comparison between first quarter 2011 and first quarter 2012 and things have gone up substantially in that 12-month period."

Manhattan experienced 36 transactions during the first quarter, which included 62 buildings for approximately $574 million, the report added. This was significantly higher than the same point in 2011, as at that point there were only 19 sales for $128 million. Unit price averages rose by 52 percent.

The continued improvement in New York City specifically could bode well for Manhattan, as there was a 350 percent difference in prices, Shkury added.

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