NEW YORK CITY-New York's multifamily sector saw a sharp uptick in activity in the second quarter, according to a new report. In other research, while sales across the city were seen as being on the rise, Manhattan activity dipped down.

The New York City multifamily market saw a 50% increase in transactions during the second quarter, with a 20% rise in buildings sold and a 63% jump in the dollar volume of those trades. In total, New York City saw 156 transactions comprised of 220 buildings totaling $1.6 billion, compared to the first quarter 2013, which saw 104 transactions comprised of 183 buildings totaling $967 million in gross consideration.

Ariel Property Advisors president Shimon Shkury tells GlobeSt.com that the rise is due to several factors, including interest rate concerns. “People think interest rates will either stay the same or go up, so buyers and sellers alike want to make sure they're transacting right away so they can lock in today's great interest rates. They're both working very hard to bring deals to fruition because they don't think today's low rates will last forever.”

Recommended For You

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.