New York City’s multifamily market recorded $8.9 billion in dollar volume in 2024, a 14% increase from 2023, according to Ariel Property Advisors’ Multifamily Year in Review New York City 2024. The number of transactions rose, too, increasing 4% year-over-year to 1,107. So did the number of properties, which was up 5% from 2023 to 1,417.

“Although values for free market multifamily buildings across New York City have declined from their 2015 peak, pricing for these assets increased slightly in 2024 compared to 2023,” said Shimon Shkury, Ariel president and founder. “Values for rent stabilized buildings, however, have dropped 35-60% below their 2017-2018 peak as owners continue to struggle under the weight of rising expenses combined with the 2019 Housing Stability and Tenant Protection Act (HSTPA), which capped rents.”

Citywide, predominantly free market buildings accounted for 63% of the multifamily dollar volume and 48% of the transaction volume in 2024, driven in part by attractive pricing. These were followed by predominantly rent stabilized assets, which accounted for 29% of the dollar volume and 47% of the transactions. The remaining sales were for buildings with regulatory agreements.

Pictured: 210-220 E. 22nd St. in Manhattan, which sold for $104.5 million last year, 15% below its 2015 sale price.