RCA in the commercial property press:

Manhattan’s Apartment Market Stabilizes

GlobeSt reports: As a gauge of the multifamily sector’s health, a trio of new reports on Manhattan apartment-unit sales offer some encouraging indicators and dovetail with a recent report on the island’s rental market and Real Capital Analytics data on apartment property transactions nationwide.

Looking at sales of multifamily buildings rather than individual units, RCA’s most recent monthly report, reflecting year-to-date data through November ’09, showed Manhattan lagging behind Los Angeles, Dallas, Atlanta, Phoenix and tertiary Southeast markets with volume of $530 million. Nationally, sales of significant apartment properties totaled $1.3 billion in November, down slightly from October but up notably from monthly figures recorded earlier in ’09, according to RCA. “Preliminary data indicates that December could wind up being the most active month of 2009,” the firm says.

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Posted by: Nina Turner

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