NYC’s Multifamily Market Continues Path to Recovery
Multifamily sales activity saw an uptick in overall activity in the 3rd quarter of 2021. The number of properties selling for more than $100 million each from January through September already equals the number of similarly priced deals made in 2020. The number of transactions increased 44% year-over-year in the 3rd quarter, reaching $2.65 billion — more than double the $1.24 billion volume in the previous quarter. Although the $1.3 billion partial interest sale of the Starrett City portfolio accounted for nearly half of 3rd quarter volume, even if omitted, dollar volume would still exceed the 2nd quarter total. New York City’s northern-most borough, the Bronx, boasted the highest number of buildings sold during the 3rd quarter, resulting in an 11% increase quarter-over-quarter.