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Multifamily Dominates Slow Year for NYC Investment Sales
Despite a positive start to 2020, New York City saw a 31% decline in sales transactions from 2019 and a 50% decline from the five-year average, B6 Real Estate Advisors reported.
Following a 48% quarterly decline in transaction volume between the year’s first and second quarters, Q3 and Q4 didn’t represent much improvement, “providing evidence that the post-COVID market has reduced transactional output by nearly 50% when compared to the previous three years,” according to B6.
Multifamily buildings were the most common property type sold with 391 total transactions—nearly a third of all sales citywide—down 19% from 2019 and 56% from 2018. Despite expectations, industrial sales growth failed to materialize and the sector finished the year 40% off 2019 levels.
B6 notes that 193 development properties with at least 10,000 buildable square feet were sold in 2020, the only asset type that saw transaction volume increase year-over-year.
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- ◦Development
- ◦Sale/Acquisition
