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Q1 Spring Sales Bloom in Manhattan

NEW YORK CITY-Apartment trades are increasing above and below 96th Street, a sign of a solid upcoming spring marketplace, Shimon Shkury, president of Ariel Property Advisors, tells GlobeSt.com’s Jacqueline Hlavenka.

By Jacqueline Hlavenka | Updated on April 06, 2012

NEW YORK CITY-For Manhattan-based multifamily owners and investors, spring came early this year – and it’s not just about the weather. According to February 2012 data released by Ariel Property Advisors, New York City multifamily sales activity surged during the month, far exceeding January’s frigid figures and year-over-year comparisons.

According to Ariel, February multifamily sales saw 35 transactions comprised of 70 buildings totaling $404.3 million in gross sales, representing a 3% increase in transaction volume, and 137% increase in dollar volume from January, which only saw 34 transactions and $170.85 million worth of deals.

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