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NEW YORK CITY—Ariel Property Advisors announced Monday that local multifamily transaction and building volume held relatively steady in the first quarter, compared to the first quarter of 2012. Meanwhile, dollar volume declined because of fewer large institutional sales, according to Ariel’s multifamily quarter in review report.

New York City saw 120 transactions comprised of 204 buildings, totaling $1.103 billion in gross consideration in the first quarter. This is a 10% decline in transaction volume, a 4% decline in building volume, and a 41% decrease in dollar volume compared to the first quarter of 2012, which saw 134 transactions comprised of 212 buildings, totaling $1.856 billion in gross consideration. The drop in dollar volume is due largely to three institutional sales that took place in the first quarter of 2012, one of which was worth over $600 million, the report states.

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