NYC’s multifamily market, which notched sales totaling $3.57B in the third quarter—71% higher than the five-year quarterly average of $2.085B and a 37% increase YOY over red-hot results in 2021—appears to be cooling off.

Multifamily sales in NYC in Q3 totaled 128 transactions across 212 buildings, with quarter-over-quarter transaction, dollar and building volumes declining by 20%, 17% and 11%, respectively, according to a Q3 market report from Ariel Property Advisors.

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