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NYC Multifamily Sales Post 57% Increase Y-O-Y
The New York City multifamily investment sales market experienced an uptick in activity during the second quarter of 2021, Ariel Property Advisors reported. Citywide except for Staten Island, Q2 saw 74 transactions across 118 properties that totaled $1.24 billion in gross consideration.
“These numbers reflect a 57% increase in transaction volume, a 57% increase in property volume, and a 91% increase in dollar volume year-over-year,” Ariel reports. Compared to Q1 2021, “we see increases in the amount of 23%, 44%, and 158% respectively.”
The firm calls the figures “a welcome sight” as the city continues recovering from major market headwinds such as COVID-19 and 2019’s rent reform legislation.
From a pricing metrics perspective, Ariel’s trailing six-month performance averages indicator shows an increase in cap rates across all submarkets except Queens. The firm notes that this is a lagging indicator and expects metrics to stabilize in the coming months.
- ◦Sale/Acquisition
