Multifamily Sales Speed Up
Ariel Property Advisors president Shimon Shkury reports that the firm's multifamily sales contracts have increased since February, including a five-building, 311-unit portfolio in Queens; the three-building, 178-unit Belmont-Venezia Portfolio in the Bronx; the four-building, 50-unit New Sierra Portfolio in Central Harlem; a 23-unit building at 283 W 147th St in Central Harlem; and 35-48 Steinway St in Astoria, a 20-unit building that closed this month for $3M. Limited supply and insatiable demand means prices are rising quickly, Shimon says. He expects higher prices eventually to draw more sellers, which may be happeningalready. Ariel's Multifamily Month in Review: New York City shows transactions rising 21% from February to March and the dollar volume of those deals increasing 18%. For a copy of the report, click here.
We escaped this weekend's rain to attend a wedding in Nashville, which delivered weather the likes of which three-day weekends should be made. How'd you manage? Email amanda.metcalf@bisnow.com.
