New York City multifamily sector transactions drop slightly

Real estate marketing and sales firm Ariel Property Advisors recent October review found that the Bronx was the leading borough for multifamily investment sales in New York City, Multi-Housing News reports.

According to the firm, 25 buildings worth a total of more than $96 million were sold, accounting for half the multifamily buildings sold in the city and about 37 percent of the dollar value in the sector's transactions. The 50 buildings sold in the city as a whole were worth about $256 million.

While this represents a few more buildings sold than the 47 from the previous month and October 2010, the dollar value of transactions was down. In September, it was $402.9 million, compared to $750 million a year earlier, the firm indicates.

According to MHN, the firm's data shows declining sales in Brooklyn, in terms of both dollar volume and number of buildings, while Northern Manhattan saw sales increase to $52.27 million.

As a whole, the city's average transaction volume was steady in the six-month period ending in October, with researchers attributing the decrease in transaction volume to shrinking institutional sales activity.

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