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NYC Multifamily Sales Plunge 56% in Q3
New York City recorded $1.55 billion in multifamily sales in the third quarter, down 56% from Q2, according to Ariel Property Advisors’ Q3 2023 Multifamily Quarter In Review New York City. Transaction volume also fell by 24% quarter-over-quarter to 227.
Free market and 421a buildings accounted for 81% of the total dollar volume, with rent stabilized buildings capturing 16% and affordable housing accounting for 4%. Affordable’s market share was substantially lower than in Q2, when it accounted for 43% of dollar volume.
“In the third quarter, higher interest rates and mortgage maturities continued to disrupt the market at a time when regional and larger financial institutions are pulling back,” said Shimon Shkury, president and founder of Ariel Property Advisors. “However, the FDIC is in the process of marketing Signature Bank’s substantial multifamily loan portfolio, which increases the likelihood of much higher activity in the sector in the coming months.”
- ◦Sale/Acquisition
