Bidding Wars On Multifamily Sales
As many expected, NYC multifamily sales saw modest year-over-year declines in January after Q4 2012 saw a tremendous surge in volume before capital gains taxes increased, according to our sponsor Ariel Property Advisors' latest report. Click here to access it: Multifamily Month in Review: New York City for January. After a slow start to the new year, the market picked up in February and were seeing bidding wars on the available properties, including large multifamily portfolios, and a wave of contract signings, including deals in desirable neighborhoods in Brooklyn and Queens, said Ariel Property Advisors president Shimon Shkury (above, right, with Landstar Title Ageny's Marco Botarelli at Bisnow's recent NYC Multifamily Summit). The new deals that are coming to market have seen immediate interest and in some cases are being put under contract above the asking price within weeks.