NEW YORK CITY—First quarter New York City multifamily dollar volume rose 6% year-over-year to $3.324 billion, with Manhattan and Brooklyn each accounting for more than $1 billion in sales, according to Ariel Property Advisors'Multifamily Quarter in Review New York City: Q1 2015.
Transaction volume rose 7% to 208 and the number of buildings traded declined 13% to 338 in the first quarter 2015, compared to the first quarter of 2014, which saw 194 transactions, 387 buildings sold, and total dollar volume of $3.13 billion. Compared to the fourth quarter 2014, transaction and building volume rose 9% and 1%, respectively, while dollar volume declined 18%.
“New York City multifamily property sales saw a robust kick off to the year as first quarter figures outpaced those seen one year ago,” said Shimon Shkury, president of Ariel Property Advisors. “The quarter ended on a high note as a surge in institutional and portfolio deals in March drove big dollar volume gains in Brooklyn and Manhattan.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
