July 26, 2017
Investors stepped back from buying properties in Queens in the first half of 2017 — but prices rose for property types including multifamily.
“There was a lot to chew on in the first half, so many participants opted to stay sidelined,” said Daniel Wechsler, director at Ariel Property Advisors. “That waned a bit in recent months and when it comes down to it, investors are still willing to pay premiums for well-located assets with upside.”
During the first half of 2017, buyers closed 262 commercial and multifamily transactions, down 25% from the year before. That totaled 366 properties, down 23% from the year before, totaling approximately $1.65 billion, down 27% from the year before.
With limited available inventory of apartment properties to buy, the average price per square foot for multifamily assets climbed to $377 in the first half, up 9% compared to 2016. The average price per unit rose to $287,000, up 1%.
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