Multifamily Transactions, Dollar Volumes Soar Across NYC

Rising rents and increasing interest rates are not deterring the New York City apartment market.

Adam Schwartz, senior managing director, Walker Dunlop, tells GlobeSt.com that he continues to see strength in the NYC multifamily market, marked by no concessions on deals.

“There is a lot of appetite from lenders on both existing stock and ground-up development,” Schwartz said. “Rates are out a little bit with the community banks, but everyone is lending. So, we expect to finance several billion dollars of multifamily this year in NYC.”

Fundamentals are in favor of landlords as well, Alyssa Brody, Co-Founder of Development Marketing Team (DMT) tells GlobeSt.com, as there is little supply and significant demand. “We don’t anticipate that to slow, especially in spring,” Brody said.

For example, DMT represents Westview, a luxury property on Roosevelt Island, where units are selling at or above ask; and at 30 Kent, a new luxury rental development in Greenpoint, which has yet to come to market, “we have seen a great deal of leads and interest,” she said.

NYC Dollar Volumes Spike 451 Percent

Transactions completed and dollar volumes soared in all New York City boroughs in Q1 according to Ariel Property Advisors’ Q1 report on the city’s sector. 

Dollar volume in NYC showed a 451 percent increase compared to 2021, Ariel Property Advisors reported, well above the five-year average.

There were 32 multifamily transactions in Manhattan totaling $1.5 billion in 1Q 2022.

There was a doubling of transactions (12) in the northern Manhattan market in 1Q 2022 compared to 1Q 2021. Dollar volume rose 237 percent.

Brooklyn, The Bronx and Queens also performed well above a year ago.