NEW YORK CITY-New York's multifamily sector saw a sharp uptick in activity in the second quarter, according to a new report. In other research, while sales across the city were seen as being on the rise, Manhattan activity dipped down.
The New York City multifamily market saw a 50% increase in transactions during the second quarter, with a 20% rise in buildings sold and a 63% jump in the dollar volume of those trades. In total, New York City saw 156 transactions comprised of 220 buildings totaling $1.6 billion, compared to the first quarter 2013, which saw 104 transactions comprised of 183 buildings totaling $967 million in gross consideration.
Ariel Property Advisors president Shimon Shkury tells GlobeSt.com that the rise is due to several factors, including interest rate concerns. “People think interest rates will either stay the same or go up, so buyers and sellers alike want to make sure they're transacting right away so they can lock in today's great interest rates. They're both working very hard to bring deals to fruition because they don't think today's low rates will last forever.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
