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NYC Multifamily Sales Post Big Gains in Q3
New York City’s multifamily market experienced a significant uptick in activity on both a year-over-year and quarter-over-quarter basis during the third quarter of 2021, Ariel Property Advisors reported. Across the four boroughs tracked by Ariel, Q3 saw 85 transactions across 199 properties that totaled $2.65 billion in gross consideration.
One substantial institutional transaction to note is anonymous investors’ $1.3-billion partial interest sale of the Starrett City Portfolio in Brooklyn’s East New York neighborhood, which accounted for approximately 49% of total dollar volume for the quarter. Excluding that transaction as it skewed the volume amounts, Q3 resulted in increases of 42% in transaction volume, 83% in building volume and 101% in dollar volume when compared on a Y-O-Y basis.
Furthermore, Ariel says that when compared to Q2 2021, there were just five fewer transactions during Q3, resulting in increases of 20% in building volume and 6% in dollar volume.
- ◦Sale/Acquisition
