NEW YORK CITY-Thus far, this year has been about the multifamily segment, according to Ariel Property Advisors, which on Wednesday held a briefing in Manhattan on the state of the market in the first half of 2013. Multifamily activity has continued going strong while investment sales transaction and property volume dipped.
In the city's multifamily market, “there's been a dramatic increase in transaction volume in the second quarter from the first,” says Shimon Shkury, president. The dollar and building volumes also spiked. “There was pent up demand from the first quarter, which was low after many investors rushed deals through at the end of 2012 to avoid tax implications.”
He expects similar results for the latter part of the year, even with some uncertainty in the market. “The second half of the year will be great, both in terms of transactions and pricing. There are question marks, in terms of the new Fed chairman and our next Mayor, but the job market is strong, rents will increase because in the supply/demand equation, demand will win out, and we believe banks will start lending a little more on loan-to-values.”
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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.
