NEW YORK CITY—The number of multifamily buildings sold in New York City jumped 19% to 1,230 and the dollar volume of those trades increased 4% to $8.87 billion in 2013 compared to 2012, according to Ariel Property Advisors' multifamily year-in-review report for the city. Multifamily transaction volume citywide fell a modest 3% year-over-year to 675.
“New York City multifamily assets saw aggressively higher prices throughout all submarkets and pricing metrics in 2013 as demand, driven by rising rents and low interest rates, continued to outpace supply,” says Shimon Shkury, president of Ariel Property Advisors. “Average capitalization rates dropped while gross rent multiples, prices per square foot, and prices per unit rose.”
The most significant pricing gains occurred in Northern Manhattan and Brooklyn, which saw cap rates decline by more than 100 basis points. Manhattan and Queens also saw significant gains, but to a lesser degree.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
