NYC MF Sales Totals $1.44B in Q1, 23% Increase YoY 

New York City’s multifamily real estate market experienced a strong start in the first quarter of 2024, recording $1.44 billion in sales, marking a 23% increase from the same period in 2023, according to Ariel Property Advisors’ Q1 Multifamily Sales Report for NYC. However, if annualized, this figure would reflect a 22% decline compared to the total volume of approximately $7.39 billion in 2023.  

In Manhattan, multifamily sales reached $734 million, with significant transactions including the sale of a property at 200 West 67th Street for $265 million. Brooklyn saw total sales of $417.9 million, including the sale of a building at 97 Grand Avenue for $27.5 million. Northern Manhattan and the Bronx also saw notable sales activity, while Queens experienced a decline in sales volume. 

“Free market multifamily has been the dominant player in multifamily transactions, however, we have seen much more activity in rent-stabilized housing as mortgage maturities forced some selling and we believe we will continue to see that trend,” said Shimon Shkury, president and founder of Ariel Property Advisors.