Ariel Property Advisors releases Multifamily 2010 Year in Review

Ariel Property Advisors has released its Multifamily 2010 Year In Review: New York City, which highlights the dramatic increase in sales volume for the year. "The number of multifamily sales more than doubled throughout N.Y.C. in 2010 compared to 2009," said Shimon Shkury, president of Ariel Property Advisors. "Following the historic lows in transaction and dollar vol­ume in 2009, 391 multifamily properties totaling $2.97 billion traded in N.Y.C. last year." Comparing transaction volume in the five submarkets analyzed in the report, Manhattan led the way with 107 trades recorded. Brooklyn came in at a close sec­ond with 99 trades and the Bronx was third with 79 trades. As one would expect, Manhattan was the leader in dollar volume with nearly $1.6 billion in multifamily transactions, followed by $483 million in northern Manhattan, $360 mil­lion in Brooklyn and $315.9 million in the Bronx. Showing only 43 transactions total­ing $212 million in gross consideration, Queens activity lagged behind the other city multifamily submarkets. With banks taking more steps to sell underperforming assets, a stronger consen­sus for near-term economic growth and more comparable sales lending clarity to asset prices, the firm expects the volume of transactions will increase throughout 2011 and 2012. The report also includes an overview of the economic factors and current events that affect the profitability and pricing of assets. For further information call 212.544.9500. A copy of the full report is available at www.arielpa.com.