NEW YORK CITY—New York City multifamily building sales increased 18% in the second quarter of 2014 compared to the second quarter of 2013, and the dollar volume of those trades rose just 1%, according to Ariel Property Advisors’ multifamily quarter in review: NYC Q2 2014 report.

In the second quarter of this year, 328 multifamily buildings traded citywide in 174 transactions totaling $2.14 billion, compared to 277 buildings selling over 174 transactions totaling $2.1 billion in the second quarter of 2013. Volume in the second quarter declined compared to the first quarter, which had 195 transactions and 344 building trades valued at almost $3 billion.

“Pricing continued to advance considerably year-over-year, as every submarket covered in the report showed gains across pricing metrics,” says Shimon Shkury, president of Ariel Property Advisors. “Strong pricing, coupled with the speed at which multifamily properties are going into contract, led to a supply constraint that slowed trading activity.”

The Bronx had more transactions and buildings trade in the second quarter 2014 than any other submarket, with large portfolio sales continuing to drive most activity and single asset trades also picking up. Transactions increased by 49% to 52 while the number of buildings traded increased 48% to 98 and the dollar volume jumped 77% to $483 million in the second quarter of 2014 compared to the second quarter of 2013. One mixed-use asset, 1770 Grand Concourse, sold to Goldfarb Properties for $28 million, or $207 per square foot, demonstrated the submarket’s strong pricing.

Northern Manhattan volume increased in the second quarter. Over 33 transactions were done, resulting in the sale of 70 buildings valued at $328 million. That uptick is a 37% increase in building volume and a 26% increase in dollar volume compared to second quarter 2013. The second quarter figures also increased from the first quarter with a 75% increase in building volume and a 30% increase in dollar volume compared to the first quarter of 2014. Of note, Yeshiva University sold a 10-building portfolio to Cammeby’s International for $73 million.

Portfolio and institutional sales in Brooklyn drove the 86% increase in multifamily dollar volume to $579 million and the 34% increase in building volume to 95 compared to second quarter of 2013. Volume was lower, however in the second quarter compared to the first quarter 2014. Notable sales included two newly-constructed buildings located in Bushwick and East Williamsburg that sold for $58 million and $36 million, respectively. Both properties sold for well over $550 per square foot.

Trading activity in Manhattan declined on a year-over-year and a quarter-to-quarter basis to 31 transactions, over 50 buildings, totaling $667 million. The quarter saw several large transactions take place, such as a 144-unit asset located on 10th Street in the West Village, which sold for $68.17 million, or $495 per square foot.

In Queens, multifamily transactions declined 13% to 13 and the dollar volume declined by 71% to $81 million in the second quarter 2014 compared to the second quarter 2013. A newly-constructed 56,000 square foot mixed-use building located in Jamaica sold for $15 million, or $268 per square foot. The area surrounding Downtown Jamaica appears to be gaining positive momentum in the wake of city officials and BRP Companies announcing a $225 million investment.