NYC Multifamily Volume Jumps 39% Year-Over-Year in 2014
The New York City multifamily market saw large year-over-year gains in 2014 with dollar volume jumping 39% to more than $12.5B, according to Ariel Property Advisors’ Multifamily Year in Review: New York City for 2014. Transaction volume also rose 8% to 761 and building volume increased 13% to 1,413. Institutional transactions $20M and above in Manhattan, and the outer boroughs played a significant role in making 2014 a standout year, accounting for more than 50% of all dollar volume in every submarket other than Brooklyn, where it was 47%. “The market continued to experience strong sales volume and the elevated demand pushed prices higher throughout the boroughs,” said Ariel Property Advisors president Shimon Shkury. “The Bronx had an especially good year in terms of pricing, but while the average cap rate in the borough dropped 100 basis points year-over-year, at 6.07% it is still higher than the rest of the city. Recording 222 transactions, Brooklyn saw more transactions than any other submarket.” For a copy of the report, click here. Pictured: Shimon Shkury, BRG's Daniel Benedict and Kane Ventures International's Yoni Bak at a recent AIPAC event hosted by Ariel Property Advisors.