NEW YORK CITY – Multifamily transactions in New York City took a dip third quarter compared to Q3 2018. And although the number is expected to pick up year-end with sales in the pipeline, multifamily investors are still trying to find their way in the newly priced environment due to statewide enactment of rent regulation preventing landlords from implementing rental increases and destabilizing units, according to a recent from Ariel Property Advisors.

Since the Housing Stability and Tenant Protection Act of 2019 (HSTPA) in June, multifamily transactions have lagged. From July through September, New York City saw 61 multifamily transactions comprised of 88 buildings totaling $1.1 billion in gross consideration. Compared to the same quarter in 2018, transaction volume declined 45%, building volume dropped 57% and dollar volume slid 51%. Compared to the second quarter, transaction and building volume both fell 42%, while dollar volume slipped 38%, according to the report.

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Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.