Multifamily Drive NYC Transaction Volume in 2020

The multifamily market overwhelmingly drove transaction volume in New York City last year. In 2020, the market had a total of 1,251 transactions, and multifamily accounted for 391 of those deals. This data is from a new B6 Real Estate Advisors Market Insights Report, which takes a close look at the market activity last year.

Overall, transaction volumes in the market declined significantly during the pandemic. By the end of 2020, there was a 30% decline in year-over-year transactions and a 50% decline from the five-year average. Unsurprisingly, the first quarter had the strongest transaction volume. From the first quarter to the second quarter, which marked the onset of the pandemic, transaction volumes fell 48%, the second largest quarter-over-quarter drop in 40 years. For the remainder of the year, transaction volumes totaled an average of 250 deals each quarter.