Sales of Apartment Buildings Soar in January

While the number of homes sold in Brooklyn in February may have plummeted due to lack of inventory, in January in the commercial world of large apartment buildings, it was a whole other story. The number of sales was up 120 percent compared to the same period a year earlier, said a report out from real estate firm Ariel Property Advisors.

The report counted multifamily buildings of 10 units or more that traded for at least $1,000,000. It was based on all data available from public records and other sources.

In January, there were 22 sales, vs. only 10 in January the year before. A total of 40 buildings traded hands in January, compared to only 17 in the same period a year earlier. The total dollar volume of sales was $239,985,000 in January, vs. $47,175,000, an increase of 409 percent.

In fact, more of these buildings were traded in Brooklyn than any other borough in January, by a wide margin. The Bronx was next with 22 buildings.

January Brooklyn Multifamily Sales Report [Ariel]