NEW YORK, NY – October 11, 2012 – Multifamily building sales in New York City rebounded sharply in August after an unusually lackluster July, according to Ariel Property Advisors’ Multifamily Month in Review: New York City for August.

August 2012 multifamily sales saw 56 transactions comprised of 81 buildings totaling $574.498 million in gross consideration, which is a 44 percent increase in transaction volume, a 53 percent increase in building volume, and a 120 percent increase in dollar volume compared to July, which saw 39 transactions comprised of 53 buildings totaling $261.355 million in gross consideration.

“We expected to see a jump in August because July’s figures were well below the monthly averages we’ve recorded this year and didn’t correspond with the conditions or outlook for the multifamily market,” said Shimon Shkury, president of Ariel Property Advisors. “In fact, for the six months ended August 2012, the city had an average of 47 multifamily transactions per month, which is the highest level we’ve seen since we began tracking this data point. The six-month average dollar volume was $421 million, which is the first increase we’ve seen since May and reflects an increase in institutional transactions for August.”

Year-over-year figures were also strong in August. While dollar volume slightly declined 7 percent year-over-year, August 2012’s numbers represent a significant 65 percent increase in transaction volume and 69 percent increase in building volume compared to August 2011, which saw 34 transactions comprised of 48 buildings totaling $617.498 million in gross consideration.

The following is a breakdown of the August 2012 multifamily data by area:

• Manhattan led the city in terms of both the strength of the bounce and overall figures, capturing 70 percent of the dollar volume and 33 percent of the building volume. The borough saw 18 transactions comprised of 27 buildings totaling $401.095 million in gross consideration. Four separate institutional transactions totaling more than $300 million in gross consideration made up a significant portion of these figures.

• The Bronx had another strong month with 13 transactions comprised of 20 buildings totaling $68.308 million in gross consideration. This is more than double the level of activity seen on a year-over-year basis.

• Brooklyn also had a good month with 13 transactions comprised of 15 buildings totaling $51 million. While this is steady in terms of transaction volume compared to the previous month, year-over-year it represents more than double the transactional volume and more than three times the dollar volume.

• Northern Manhattan transactions were up on a month-over-month and year-over-year. The region saw 10 transactions consisting of 16 buildings and totaling $48.490 million in gross consideration. Washington Heights and Central Harlem continue to see the bulk of sales activity.

• Queens had a light month with only two transactions comprised of three buildings totaling $5.6 million in gross consideration.

The Multifamily Month in Review: New York City tracks sales of multifamily buildings with a minimum sales price of $1 million, with a minimum gross area of 5,000 square feet, and with a minimum of 10 units.