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.
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 GlobeSt.com 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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