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.
Noting that multifamily investment in NYC still is tracking substantially higher than the average quarter over the past five years, Shimon Shkury, president of Ariel, said in a statement "the market has not yet felt the full effect of rising interest rates."
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