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NYC Multifamily Sees Growth Across Metrics
Growth in New York City’s multifamily sector has been the proverbial rising tide that lifts all boats, judging by Marcus & Millichap’s fourth-quarter report. A slowdown in the pace of new construction is predicted to boost rent appreciation into the mid-3% range, with increases well above the metro area average for both Manhattan’s most desirable neighborhoods and rapidly stabilizing locations in Brooklyn and Queens.
“Fueled by the largest population base in the country, the New York City economy remains on solid footing,” according to Marcus & Millichap’s Q4 report. “A host of industries, including a vibrant startup scene, have generated consistent job growth, boosting demand for apartments.”
While sales velocity in Manhattan has slowed, per-unit pricing has reached a cyclical high. And as supply growth along the East River in Queens and Brooklyn draws nearby residents, “emerging neighborhoods slightly farther inland should see investor interest perk up,” the report states.
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