NEW YORK—property transactions in Queens increased 46 percent and the dollar volume of those trades rose 45 percent in the first half of 2013 compared to the first half of 2012, according to Ariel Property Advisors’ Queens 2013 Mid-Year Sales Report.
During the first half of 2013, Queens saw 208 transactions consisting of 264 properties, totaling approximately $840.5 million in gross consideration, compared to the first half of 2012, which saw 142 transactions comprised of 176 properties totaling $578.5 million in gross consideration. Compared to the last two quarters of 2012, transactions in the first half of this year rose 14 percent and the number of properties sold increased 9 percent, but the dollar volume of those trades fell 34 percent.
Northwest Queens was a hotbed of investment sales activity in the first half of 2013, becoming one of the most active areas in all of New York City this year, according to the report. The area saw 130 total transactions totaling more than $581 million in gross consideration and included everything from small mixed-use properties to industrial sites, in addition tosites and core multifamily assets. Transactions here accounted for approximately two-thirds of all transactions and dollar volume in Queens, with prices in the area reaching close to $250 per square foot for multifamily assets.
Multifamily sales throughout Queens gained strength during first half 2013, with multifamily transactions rising 15 percent and the dollar volume of thosejumping 73 percent year-over-year. The dollar volume of multifamily transactions in the first two quarters of 2013 compared to the last two quarters of 2012 also rose an impressive 33 percent.
“Investors are willing to accept lower yields and higher prices per square foot to take advantage of the significant upside offered by multifamily buildings in Queens,” said Shimon Shkury, president of Ariel Property Advisors. “An examination of the deals shows that institutional sales valued at tens of millions of dollars boosted the dollar volume of the multifamily market in the first half of 2013, but the vast majority of multifamily transactions were for buildings with nine units or less.”
The Queens 2013 Mid-Year Sales Report tracks transactions $750,000 and up, and volume for the following email@example.com. For a copy of the report, please see http://arielpa.com/newsroom/report-APA-Queens-mid2013-Sales-Report.property types--commercial, multifamily, development, office, and special purpose. More information is available from Shimon Shkury, 212-544-9500, ext. 11,
Ariel Property Advisors is a New York City investment property sales firm with an expertise in the multifamily market. The firm also produces a number of research reports including the Multifamily Month in Review: New York City; Multifamily Quarter in Review: New York City; Multifamily Year in Review: New York City; Brooklyn Mid-Year and Year-End Sales Reports; Northern Manhattan Mid-Year and Year-End Sales Reports; and the Bronx Mid-Year and Year-End Sales Reports. More information is available at arielpa.com.