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New York City Multifamily Pricing Tied to Debt Costs

Multifamily pricing in New York City has moved in tandem with interest rates, but as rates come down, there is hope that prices have hit the trough.

By Kelsi Maree Borland (Sponsored by Matthews Real Estate Investment Services) | November 26, 2024 at 03:32 PM

New York City’s multifamily market has been derailed by the high interest rate environment. In 2024, transaction volumes were down nearly 40% as investors navigated market challenges. Experts DJ Johnston, EVP at Matthews Real Estate Investment Services, and Andrew Marcus, first VP at Matthews Real Estate Investment Services, expect distress asset sales will increase putting further downward pressure on pricing.

Relief is coming. Marcus and Johnston expect decreasing interest rates will infuse stability back into the market and give investors more confidence to make transactions. Here is a look at how these three key trends are shaping the multifamily market in New York City.

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