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NYC Multifamily Sales Post Steep Year-Over-Year Drop
With the state’s new rent-control laws a strong contributing factor, New York City multifamily sales were down significantly in November on both a year-over-year and year-to-date basis, PropertyShark reported. Y-O-Y sales volume was down 60% from November 2018 to $412 million, while YTD transaction volume through Nov. 30 was off by more than one-third to $7.34 billion.
PropertyShark reported that the citywide slowdown was perhaps most evident when looking at the number of units sold YTD: 20,124 between Jan. 1 and Nov. 30. That’s compared to the 44,308 that traded in the year-ago period.
However, the news wasn’t all bad for multifamily metrics. “November brought positive price trends, such as the city-wide price per square foot, which climbed 19% Y-O-Y to $492,” according to PropertyShark’s Eliza Theiss. “At the same time, the price per unit registered an even sharper gain of 26%, to close November at $419,937 per unit.”
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