Brooklyn leads NYC in April real estate transaction volumes
New York City multifamily transactions increased 16 percent and the dollar value of those trades rose 32 percent in April 2014 compared to April 2013,Ariel Property Advisors’ Multifamily Month in Review for April shows.
For the month, New York City saw 50 transactions comprised of 108 buildings totaling $693.875 million in gross consideration, compared to April 2013, which saw 43 transactions comprised of 69 buildings totaling $524.071 million in gross consideration. Month-to-month, however, sales volume declined in April compared to March, which showed 121 buildings sold over 78 transactions totaling $1.36 billion.
“A surge of Brooklyn and Bronx multifamily sales in April drove the year-over-year gains in New York City’s multifamily market,” said Shimon Shkury, president of Ariel Property Advisors. “Rising prices in those boroughs as well as in other submarkets led to several significant portfolio sales during the month, which pushed building and dollar volume higher citywide.”