Investors spent more dollars to buy and sell properties in Queens in 2016 than ever before. Additionally prices grew faster than any other borough of New York City, according to the “Queens 2016 Year-End Sales Report” from Ariel.

As property prices rose, the dollar volume grew 11% to $4.9 billion. However, the number of transactions fell 9% to 643, while the number of individual properties traded fell 6% to 897.

Apartment buildings were primary investment targets. “Due to the room for rent growth, the wealth of transportation options, and overall stability of the neighborhoods, the multifamily asset class continues to play a pivotal role,” said Daniel Wechsler, a director with Ariel.

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