MF Sales Rebound Faster Citywide

NEW YORK CITY-Multifamily assets fared better than other sectors in withstanding the worst of the investment sales drought across the five boroughs, says a five-year study from brokerage firm CPEX Real Estate. Although the peak-to-trough drop in the number of sales for the sector was second only to that suffered by development parcels, prices for apartment properties held up relatively well.

With multifamily sales picking up in the fourth quarter of 2009 and 2010 signaling the start of a recovery in property sales generally, “expectations are for activity and dollar volume to continue to grow” in the apartment category, albeit not rising to the highs seen between 2005 and 2007, the report says. “All in all, multifamily assets have been resilient over the past year as compared to office, retail and industrial assets and we expect the category to continue its preferred status.”