New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
NYC Multifamily Sales Volume Up 37% Year-Over-Year in Q3
New York City multifamily sales totaled $3.57 billion in the third quarter of 2022, a 37% increase year-over-year and 71% higher than the five-year quarterly average of $2.085 billion, according to Ariel Property Advisors’ Q3 Multifamily Quarter in Review. However, Q3’s dollar volume, transaction volume and building volume all declined from Q2.
The newly released report also showed that Brooklyn and Manhattan below 96th Street accounted for approximately 89% of Q3’s total multifamily dollar volume citywide. By asset class, free market and 421a buildings continued their appeal to buyers, also capturing 89% of the dollar volume for the quarter.
“Year-over-year, the third quarter experienced considerable increases in multifamily dollar, transaction and building volume,” said Shimon Shkury, Ariel’s founder and president. “Overall, multifamily investment is still substantially higher than the average quarter over the past five years and the market has not yet felt the full effect of rising interest rates.”
Pictured: 160 Riverside Blvd. in Manhattan, which traded for $415 million during Q3.
- ◦Sale/Acquisition
