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Ariel: Market Fundamentals Show “Encouraging Signs” for NYC Multifamily

Although New York City’s multifamily market continues to experience low transaction and dollar volume as a result of the 2019 statewide rent-reform legislation and the ongoing COVID-19 pandemic, Ariel Property Advisors sees good news in the first-quarter results, especially for March.

“New York City is coming back with tailwinds that include lower vacancy rates, fewer rental concessions, better collections, and significantly higher price discovery in the multifamily sector,” according to Ariel’s newly issued Q1 report. “Overall contract execution during the first quarter has increased significantly, which implies a higher volume of transactions throughout 2021.”

Ariel cited “encouraging signs for many market fundamentals” in Q1. In Manhattan, February’s new lease signings rose 112% year-over-year, the largest monthly gain since April 2011. Vacancies were down, while the average rent and average concessions appear to have bottomed out from market lows. The Brooklyn rental market recorded a 133% Y-O-Y increase in lease signings.


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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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