Bronx & Brooklyn Lead Pack
NYC multifamily transactions increased 16% to 50 from April ’13 to April ’14, and the dollar value of those trades rose 32% to over $693M, according to Ariel Property Advisors’ April Multifamily Month in Review. “A surge of Brooklyn and Bronx multifamily sales in April drove the year-over-year gains,” says Ariel Property Advisors president Shimon Shkury (right, with Janus Property Co’s Scott Metzner). He adds that rising prices led to significant portfolio sales. Brooklyn outpaced Manhattan with 16 deals totaling $222.5M, a 273% year-over-year dollar increase. The Bronx also beat Manhattan with 35 buildings (a 250% rise) traded via 17 transactions (a 143% increase) totaling $209.6M (an 802% boost). For a copy of our sponsor’s MFMIR for April, click here.
