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Dearth of Institutional Sales Impact NYC's Multifamily Market

NEW YORK CITY—While month-to-month comparisons show a stable market, a lack of institutional and portfolio transactions in July has caused multifamily transaction, building and dollar volume here to fall year-over-year.

By John Jordan | Updated on September 19, 2014

NEW YORK CITY—While month-to-month comparisons show a stable market, a lack of institutional and portfolio transactions in July has caused multifamily transaction, building and dollar volume here to fall year-over-year.

Ariel Property Advisors reports that in July, New York City saw 62 transactions comprised of 81 buildings totaling $601 million in gross sales. Compared to July 2013, there was 3% decrease in transaction volume, a 35% decrease in building volume and a 43% decrease in dollar volume. Ariel reports that in July 2013, New York City saw 64 multifamily transactions comprised of 125 buildings totaling $1.058 billion in gross sales.

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