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After Strong Q1 for NYC Multifamily, Ariel Sees “Minimal Activity” Ahead

New York City’s multifamily investment sales market wasn’t affected by COVID-19 in the first quarter, Ariel Property Advisors says in its new report. Although Q1’s dollar volume of $1.71 billion across 74 transactions represents a 30% drop from Q4 2019, the quarterly loss becomes a 34% gain if Q4’s $1.16-billion East Harlem transaction by Brookfield is taken out of the equation.

Near-term, though, Ariel expects Q2 transaction volume to be “significantly affected” by COVID-19. “As of now, we have tracked minimal activity for this asset class during April and we project that the same will be the case in May and June,” the report states.

However, Ariel did see better rent collections for multifamily than other asset classes during the month of April. Free-market multifamily units across the board reported high collection levels of 80 to 90%, while rent-stabilized units ranged anywhere from 50% to 75%.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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