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NYC Multifamily Investment Sales Post Ninth Quarter of Annual Declines
In contrast to individual apartment sales, which have begun to rebound, New York City’s multifamily investment sales market marked its ninth consecutive quarter of annual declines in the first quarter, PropertyShark reported. Q1 deal volume was down 20% year-over-year, closing 157 multifamily deals that comprised 169 buildings.
While the number of buildings sold in Q1 of this year was 29% lower Y-O-Y, unit volume’s drop was even steeper at 48%, says Propertyshark. Just 2,367 units traded in 2021’s first three months, which PropertyShark calls “a far cry from the 4,543 sold in Q1 2019 and an even more dramatic drop when compared to the 7,857 sold in Q1 2018.”
Q1’s dollar volume of $661 million was down 62% Y-O-Y from the year-ago period, which represented the strongest quarter of 2020. There’s a bright spot, though, in March’s pricing per square foot and dollar volume, both up significantly from February.
- ◦Sale
