NYC Multifamily Sales Reflect “Two Very Different Markets” in Q2

New York City multifamily sales totaled $2.46 billion across 298 transactions in the second quarter of 2026, representing a 25% year-over-year increase in dollar volume but 4% decline in transaction volume compared to Q2 2025, Ariel Property Advisors reported. The number of properties traded was down 11% Y-O-Y to 367.

“What we are seeing in the first half of 2026 is a tale of two very different markets, both presenting unique opportunities,” said Shimon Shkury, president and founder of Ariel. “On one side, Manhattan’s free-market sector is showing exceptional strength, rents are up 10% year-over-year, and high-conviction buyers are writing significantly larger checks for supply-constrained assets.

“On the other side, rent-stabilized assets are undergoing a massive, painful valuation reset amidst rising expenses and refinancings at double their original rate. Longtime rent-stabilized owners are exiting, and a new wave of buyers is stepping in to acquire these properties at steep discounts. Meanwhile, affordable housing remains a resilient safe haven, drawing deep institutional demand due to its stable, government-backed income.”

Manhattan below 96th Street fared best in Q2 with a 315% increase Y-O-Y in dollar volume and 21% increase in transaction volume. Conversely, Brooklyn, the Bronx and Queens all saw double-digit declines in dollar volume.