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NYC Multifamily Sales Post Best Year Since 2016
With $13.2 billion in dollar volume for buildings featuring 10 or more residential units, and 506 transactions in total, 2022 was the best year for multifamily sales in New York City since 2016, Ariel Property Advisors reported. In particular, multifamily of 10 or more units accounted for more than one-third of citywide investment sales volume, the highest percentage share on record.
“The entire multifamily sector performed well in 2022,” said Shimon Shkury, founder and president of Ariel Property Advisors. “The passage of the Housing Stability and Protection Act in 2019 followed by the unforeseen challenges of the pandemic significantly impacted multifamily sales over the last couple of years. In fact, the sector saw a major resurgence in 2022 with $16 billion in total dollar volume consideration for all multifamily properties,”
Approximately 76% of the dollar volume went to free market buildings or those with a 421a tax exemption.
- ◦Sale/Acquisition
