According to a year-end report from Ariel Property Advisors, the New York City multifamily market set a record with a dollar volume hitting $19 billion in 2015. Up 52 percent from $12.5 billion in 2014, the market got a major boost from the $5.3 billion sale of the Stuyvesant Town-Peter Cooper Village. The number of buildings sold remained the same as in 2014 at 1,402, but the total number of deal rose 2 percent to 781. Manhattan accounted for the majority of dollar volume for the year, with $10.9 billion in sales in 2015, making a 80 percent increase year-over-year and 145 percent from 2013.
“With the economy gaining strength and global economic turmoil leading many investors to believe that interest rates will stay low, we remain confident in the market’s 2016 trajectory,” said Ariel Property Advisors’ Shimon Shkury.
