Multifamily activity increases in New York City

Multifamily property activity rose in New York City.

The New York City multifamily market witnessed an increase in transactions during April, according to Ariel Property Advisors' Multifamily Month in Review: New York City.

Property management companies purchased 29 percent more properties in April compared to the same point in 2011. This included 44 sales of 64 properties, and equaled $376 million. However, total dollar volume dropped to $376.8 million, which was 18 percent lower than the same point in 2011. That month experienced 34 purchases of 61 properties for $462.2 million.

"The decline in dollar volume reflects less activity on the institutional end and more activity by private investors," said Shimon Shkury, president of Ariel Property Advisors. "We believe the fact that more small to mid-size transactions are occurring underlies a more sustainable upward trend."

The report added that Manhattan had the most significant dollar volume, as it had $139.4 million in gross sales, with nine transactions of 13 properties. While the transaction volume was comparable to March, dollar volume dropped 34 percent, which the report explained was because of fewer large institutional sales.

Disclaimer: All data and information provided on this site is for informational purposes only. makes no representations as to accuracy, completeness, correctness, suitability, or validity of any information on this site and will not be liable for any errors, omissions, opinions or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis.