NEW YORK CITY—While month-to-month comparisons show a stablemarket, a lack of institutional and portfolio transactions in Julyhas caused multifamily transaction, building and dollar volume hereto fall year-over-year.

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Ariel Property Advisors reports that in July,New York City saw 62 transactions comprised of 81 buildingstotaling $601 million in gross sales. Compared to July 2013, therewas 3% decrease in transaction volume, a 35% decrease in buildingvolume and a 43% decrease in dollar volume. Ariel reports that inJuly 2013, New York City saw 64 multifamily transactions comprisedof 125 buildings totaling $1.058 billion in gross sales.

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Dollar volume in July 2014 was virtually unchanged compared to amonth earlier, while transaction and building volume declined by14% and 27%, respectively.

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“With the exception of Northern Manhattan there were fewerinstitutional and portfolio sales citywide in July, which resultedin a year-over-year decline in dollar volume,” says ShimonShkury, president of Ariel Property Advisors. “Becausemultifamily pricing remained strong across all submarkets, thereport indicates that the decline was due to a lack of availablesupply rather than a lack of demand.”

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Although dollar volume declined 70% to $178.9 million in July2014 compared to July 2013, Manhattan had the highest dollar volumein the city during July of this year with 12 buildings sold in 11transactions. Northern Manhattan was the lone exception to thecity's overall trend of experiencing fewer portfolio sales, as 24buildings traded in 11 transactions totaling $148.6 million.Multifamily volume in the Bronx remained relatively stable with 25buildings trading in 22 transactions totaling $143.4 million.

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Rounding out the activity in the boroughs, Brooklyn posteddeclines from the previous month with 13 transactions covering 15buildings totaling $90.868 million, while Queens had a light monthwith just five buildings trading in five deals totaling $39.3million.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.