Pricing Up Up & Away
Ariel Property Advisors' Multifamily Quarter in Review NYC Q3 2013 shows impressive year-over-year gains in volume and pricing, reports president Shimon Shkury (right, with BCB Properties' Bennat Berger, Benedict Realty Group's Daniel Benedict, and Treetop Development's Adam Mermelstein). Ariel expects that to continue through the year, though Q4 won't be as active as last year. Q3 '13 had 172 transactions (12% over Q3 '12) totaling $2.5B (57% higher). Cap rates compressed, gross rent multipliers rose, and price/SF went up in all submarkets. Uptown development initiatives drove greater demand for Northern Manhattan assets, and investors seeking yield pushed up prices in the Bronx. Institutional portfolio sales also played a prominent role. For a copy of our sponsor's report, click here.