NYC Multifamily Sales “Robust” as Q1 Continues Momentum
New York City’s multifamily market experienced a robust first quarter with dollar volume totaling $2.87 billion, up 451% from the year-ago period and well above the five-year quarterly average of $1.90 billion, according to Ariel Property Advisors’ 1Q 2022 Multifamily Quarter in Review. Additionally, transaction volume increased 89% to 117 deals year-over-year, and multifamily pricing metrics rose 10% to 20%, depending on the borough.
“After an unprecedented $2.45 billion in multifamily transactions in December 2021, transaction momentum continued throughout the first quarter,” said Shimon Shkury, Ariel’s founder and president. “Black Spruce’s $837-million purchase of The American Copper Buildings accounted for 29% of New York City’s total dollar volume in the first quarter, however. Therefore, we expect quarterly transaction volume to fall closer to below $2 billion moving forward.”
The report notes that residential rents reached a new high in February, due to a lack of supply and higher inflation.
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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