NYC Multifamily Sales Surge Nearly 80 Percent in January

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Multi-Family data for January 2014The number of multifamily sales in New York City saw a 76 percent increase year-over-year in January, according to a new report from Ariel Property Advisors. The dollar volume generated by those deals rose by 107 percent.

This January, there were 58 such deals involving 93 buildings and totaling $707.302 million in gross consideration, Ariel Property Advisors found in its monthly review of multifamily deals that occur at a minimum sales price of $1 million, with a minimum gross area of 5,000 square feet and with a minimum of 10 units.

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While the activity was up, it slowed for the six months ending this January. The average monthly transaction volume dropped slightly to 64 transactions per month. The six-month average dollar volume also fell slightly to $852 million.

“The growth in January’s year-over-year numbers suggests that 2014 is going to be a robust year for New York City multifamily sales, in terms of both pricing and volume,” said Shimon Shkury, the president of Ariel Property Advisors, in a prepared statement. “Contract signings and new listing activity we’ve seen during the first quarter back this up.”

Meanwhile, the number of deals and dollar volume dropped in January compared to a month prior, which the firm said “is a somewhat regular occurrence at the beginning of the year since many deals are pushed to close in December for tax purposes.”