Multifamily Took Recess In Q1
Ariel Property Advisors president Shimon Shkury (flanked by Victor Sozio and Michael Tortorici near Columbia University's new campus construction in West Harlem) reports that 120 multifamily transactions (204 buildings, $1.1B) closed in NYC in Q1. Transaction and building volume held relatively steady from a year ago, while dollar volume declined because of fewer large institutional sales. Ariel Property Advisors investment sales pros, however, indicate that current contracts support an uptick in institutional sales in Q2 and Q3 2013. Most metrics in all boroughs saw substantial price increases from Q1 2012 to Q1 2013. In Manhattan, the average price per SF jumped almost 20%. Northern Manhattan gained the most year over year: 16% in transactions, 61% in buildings sold, and 62% in dollar volume. Q1 trading was light compared to Q4 2012 as the market adjusted to the crush of year-end closings. For a copy of our sponsor's MFQIR, click here.