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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. 

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About Paul Bubny

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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