Despite high supply giving many multifamily landlords a headache in the past year — the asset class is thriving in New York City. The market reached $8.91 billion in dollar volume in 2024, representing a 14 percent rise from the previous year, a report from Ariel Property Advisors finds. Also, transactions in the sector climbed by four percent to 1,107.
The two biggest drivers were free-market buildings and rent-stabilized properties, which accounted for 63 percent and 29 percent of the dollar volume respectively in the market. Also, the two categories represented 48 percent and 47 percent of the total transactions.
“Although values for free market multifamily buildings across New York City have declined from their 2015 peak, pricing for these assets increased slightly in 2024 compared to 2023,” Shimon Shkury, president and founder of Ariel, said in a statement.
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