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Photo: Sylvester Zawadzki
“Scarce multifamily inventory is resulting in higher prices, which we anticipate will push more properties on the market this year,” says Ariel Property Advisors president Shimon Shkury (flanked by colleagues Akil Rossi, Ivan Petrovic, Aryeh Orlofsky, and Daniel Tropp). His firm’s recently released Multifamily Month in Review shows 76 transactions totaling $1.4B in March, 33% and 54% increases over February, respectively, and 90% and 296% over March 2013. Ariel just closed on a 20-unit building on W 108th St near Columbus Avenue for $13.3M and expects to close another 15 buildings in the next few weeks. For a copy of our sponsor’s March MFMIR, click here.
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