Queens Multifamily Sales Way Up in June

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Ariel Property Advisors reviewed multifamily sales transactions for June, and according to them, “Queens had a robust month in terms of dollar volume.” Indeed, Queens saw $240.8 million in sales taking place across seven transactions. That’s a 503 percent dollar increase from May 2013 and a 3,848 percent increase from June 2012. Shimon Shkury, president of Ariel Property Advisors, said in a statement that this jump in dollar volume for multifamily transactions is “remarkable.” Impressive? Yes, but let’s not make too much of the percentage increases given the small number of transaction. After all, one of the seven deals included Treetop Development’s $85.25 million acquisition of Saxon Hall, a 16-story rental apartment complex located at 62-60 99th Street in Rego Park. The price in this case represents roughly $170 per square foot. For the sake of context, the entire city saw 55 multifamily transactions comprised of 84 buildings in the month of June for a total dollar volume of $929 million.