X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY –  The multifamily market in New York City has been on a downward slope since the announcement and passing of the Housing Stability and Tenant Protection Act of 2019 this past June that enacted landlord restrictions and extended rent regulation guidelines. And since the legislation passed in the New York State Assembly, multifamily sales have continued to slow down across the city, according to a new report from Property Shark, a real estate data provider.

Sales volume city-wide is down 60% year-over-year from $1.4 billion in November of last year to $412 million. Also, multifamily transactional activity slowed, with 893 recorded sales in the first 11 months of 2019 compared to the first 11 months of 2018, which saw 1,209 deals close. And the most significant indicator of all is the number of units sold: 20,124 between January 1 and November 30 of the current year versus the 44,308 that traded hands in the same timeframe last year.

The market is still trying to figure out how it will all work out. Prominent New York City brokerage firm Ariel Property Advisors is watching from the sidelines and is seeing that despite domestic multifamily investors finding their footing in the new normal, international investors are bullish on investments for the asset type, according to Shimon Shkury, founder of Ariel Property Advisors, in a recent GlobeSt.com article.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.

More from this author

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.