Few Apartment Properties Trade in NYC

The volume of apartment properties bought and sold in New York City has stopped falling — but it is not rising either and is much smaller than 2016.

Investors bought and sold apartment properties in 29 transactions in April 2017, an equal number of deals to the month before. The dollar volume of those deals dropped 4% to reach $447 million. Only of the number of buildings traded was a big change: 51, which is a 31% increase from March, as many smaller buildings traded in Queens.

All the activity is much less than the number of apartment properties traded the year before. The trailing six-month average of apartment volume has dropped to its lowest level since May 2011, according to Ariel.

Experts say that uncertainty about interest rates has depressed the rate of property sales this year.

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