NEW YORK CITY – The multifamily market in New YorkCity has been on a downward slope since the announcement andpassing of the Housing Stability and Tenant Protection Act of 2019this past June that enacted landlord restrictions and extended rentregulation guidelines. And since the legislation passed in the NewYork State Assembly, multifamily sales have continued to slow downacross the city, according to a new report from Property Shark, areal estate data provider.
Sales volume city-wide is down 60% year-over-year from $1.4billion in November of last year to $412 million. Also, multifamilytransactional activity slowed, with 893 recorded sales in the first11 months of 2019 compared to the first 11 months of 2018, whichsaw 1,209 deals close. And the most significant indicator of all isthe number of units sold: 20,124 between January 1 and November 30of the current year versus the 44,308 that traded hands in the sametimeframe last year.
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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.
