{"id":37203,"date":"2020-02-24T14:47:00","date_gmt":"2020-02-24T12:47:00","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=37203"},"modified":"2025-04-10T14:16:28","modified_gmt":"2025-04-10T11:16:28","slug":"2019-annual-multifamily-report-nyc-sales-volume-down-41-2","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2020\/02\/24\/2019-annual-multifamily-report-nyc-sales-volume-down-41-2\/","title":{"rendered":"2019 Annual Multifamily Report: NYC Sales Volume Down 41%, Unit Volume Halved"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>Key\nTakeaways:<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Multifamily sales volume dives 41% Y-o-Y across the four boroughs<\/strong>.<\/li><li><strong>Manhattan prices accelerate; price per unit up 22% Y-o-Y<\/strong>.<\/li><li><strong>Queens loses 60% of its sales volume Y-o-Y after strong 2018. <\/strong><\/li><li><strong>Bronx sales activity down 37%, inking a mere 155 deals. <\/strong><\/li><li><strong>Brooklyn sales volume halved, transactional activity down 32% Y-o-Y<\/strong>.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"447\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/NYC-Sales-Volume-and-Activity-1.png\" alt=\"Graph of multifamily sales volume and sales activity in NYC between 2017 and 2019\" class=\"wp-image-37287\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/NYC-Sales-Volume-and-Activity-1.png 750w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/NYC-Sales-Volume-and-Activity-1.png?resize=300,179 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<p>As a blue wave swept the New York legislature in the fall of 2018, unease swept through New York City\u2019s real estate landscape, especially in the multifamily industry. <\/p>\n\n\n\n<p>Summarizing the situation for PropertyShark <a href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2018\/12\/21\/nyc-multifamily-market-slows-ahead-of-june-2019-uncertainty\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">at the time<\/a><em>, <\/em>Greg Corbin, executive managing director at Besen Associates, said: <em>\u201cThe slowdown in investment sales transactions has been a product of the perfect storm: rising interest rates, concern about new rent regulation laws and fear that the near decade-long bull market has reversed.\u201d<\/em><\/p>\n\n\n\n<p>It turned out that 2019 truly was a year of significant legislative changes for the NYC real estate market; keep reading for a look at the 2019 <a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/new-york-city\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"NYC multifamily market (opens in a new tab)\">NYC multifamily market<\/a>, specifically in the context of wider shifting trends.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2019_Multifamily_Sales_Volume_48_Billion_Short_of_2018_Figures\"><\/span><strong>2019 Multifamily\nSales Volume $4.8 Billion Short of 2018 Figures<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>To put it bluntly, the NYC multifamily market shifted from\nbull to bear in 2019. After analyzing all arm\u2019s length multifamily sales\nrecorded in Manhattan, Brooklyn, the Bronx and Queens, it became profoundly\nclear that the market has cooled. In particular, a total of 828 transactions went\nthrough in 2019 \u2013 a 32% drop compared to the year before. <\/p>\n\n\n\n<p>That contraction also marked an increased deceleration of transactional activity for NYC multifamily assets after 2018\u2019s sales activity came in 5% below 2017 figures. This was not a surprise, considering that, in 2018, eight months posted significant year-over-year contractions in multifamily sales, four of which were &nbsp;double digits. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"447\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/NYC-Sales-Volume-monthly-figures-2018-2019.png\" alt=\"Graph of monthly figures for NYC Multifamily Sales Volume and Sales Activity 2018-2019 \" class=\"wp-image-37273\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/NYC-Sales-Volume-monthly-figures-2018-2019.png 750w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/NYC-Sales-Volume-monthly-figures-2018-2019.png?resize=300,179 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<p>But, it\u2019s not just that fewer multifamily properties changed\nhands; the decreased number of deals also seems to have targeted smaller assets.\nWhile the number of sales dropped 32% year-over-year, unit volume was effectively\nhalved, dropping an astounding 48% compared to the year before. In particular,\nonly 18,933 units experienced a change in ownership last year, as opposed to\nthe 36,685 that were exchanged in 2018.<\/p>\n\n\n\n<p>Despite sustained price growth, the reduction in units traded compounded by depressed transactional activity caused multifamily sales volume to come in just shy of $6.8 billion in the four boroughs in 2019 \u2013 a far cry from the previous year\u2019s $11.6 billion or even 2017\u2019s $9 billion total. <\/p>\n\n\n\n<p>That price growth meant that, for four boroughs, the average\nprice per unit rose 14% year-over-year in 2018 and 9% last year, resulting in a\n$420,140 average price per unit in 2019. The average price per square foot also\ncontinued to strengthen, albeit at a slower pace. While 2018 brought a 14% year-over-year\nincrease, 2019 inched up at a more modest 6% to stabilize at $489 per square foot.\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Manhattan_Multifamily_Hits_902_Per_Square_Foot_as_Sales_Activity_Falls_40\"><\/span><strong>Manhattan\nMultifamily Hits $902 Per Square Foot as Sales Activity Falls 40%<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As the borough with consistently the largest sales volume,\nthe deceleration of transactional activity in the NYC multifamily market hit Manhattan\nthe hardest in terms of actual dollar volume, effectively erasing the growth\n(and then some) registered in 2018. <\/p>\n\n\n\n<p>Specifically, Manhattan closed $3.63 billion in multifamily sales in 2019 \u2013 a 36% contraction compared to 2018. While that rate of contraction was outpaced by both Brooklyn and Queens \u2013 which saw their respective sales volumes plunge 49% and 60%, respectively \u2013 in terms of actual dollars, Manhattan registered $2 billion less in sales last year than in 2018. That 36% year-over-year drop means Manhattan\u2019s sales volume in 2019 was nearly half a billion under 2017\u2019s $4.18 billion.<\/p>\n\n\n\n<p>While Manhattan\u2019s sales volume didn\u2019t contract at the\nsharpest rate in NYC, its sales activity did see the sharpest decline at 40% year-over-yearhe\nborough recorded 218 multifamily deals in 2019 \u2013 well below the previous year\u2019s\n365 transactions and 2017\u2019s 312 sales. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"437\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Manhattan-Multifamily-Sales-2017-2019.png\" alt=\"Graph of multifamily sales volume and activity in Manhattan between 2017 and 2019\" class=\"wp-image-37269\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Manhattan-Multifamily-Sales-2017-2019.png 750w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Manhattan-Multifamily-Sales-2017-2019.png?resize=300,175 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<p>Nevertheless, despite decreased transactional activity, <a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/manhattan\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Manhattan multifamily (opens in a new tab)\">Manhattan multifamily<\/a> prices gained steam. As expected, Manhattan commanded the highest price per square foot in NYC, reaching $902 in 2019. While the price per square foot creeped up a mere 2% in 2018, that metric jumped 16% last year. As a result, Manhattan was more than twice as expensive as runner-up Brooklyn, which logged $405 per square foot. <\/p>\n\n\n\n<p>At the same time, the price per unit rose at an even sharper\nrate. While the borough\u2019s price per unit in 2018 increased at a near-negligible\n1% over 2017 figures (a gain of about $7,000\/unit), 2019 claimed a noteworthy 22%\nyear-over-year gain. As a result, the average price per multifamily unit in\nManhattan stabilized at $782,845 \u2013 the highest in the four boroughs, and more than twice\nthat of Brooklyn, which commanded the second-highest price at $353,523 per\nunit. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"447\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/NYC-Price-per-Sqft-2018-2019.png\" alt=\"Graph of monthly figures for NYC Multifamily Price per Square Foot 2018-2019 \" class=\"wp-image-37271\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/NYC-Price-per-Sqft-2018-2019.png 750w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/NYC-Price-per-Sqft-2018-2019.png?resize=300,179 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<p>Overall, Manhattan was the sole borough where multifamily\npricing metrics \u2013 both per unit and per square foot \u2013 experienced double-digit\ngains. For comparison, neither Brooklyn, nor the Bronx, nor Queens managed to improve\neither of their pricing metrics by more than 6%. In fact, price gains in the\nother three boroughs hovered around 3% year-over-year.<\/p>\n\n\n\n<p>Considering the prices commanded by Manhattan multifamily assets, it should come as no surprise that the borough\u2019s top three priciest deals in 2019 were also the most expensive multifamily transaction registered in NYC. The ultimate leader was a stunning, $796.3 million, four-property package deal inked in October, which included <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/27708\/1309-5-Ave-New-York-NY-10029\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">1309 Fifth Avenue<\/a>, <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/28501921\/1962-1-Ave-New-York-NY-10029\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">1962 1st Avenue<\/a>, <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/28501923\/1940-1-Ave-New-York-NY-10029\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">1940 1st Avenue<\/a> and <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/28531\/1990-Lexington-Ave-New-York-NY-10035\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">1990 Lexington Avenue<\/a>. <\/p>\n\n\n\n<p>Manhattan\u2019s and NYC\u2019s second-priciest transaction was the $237.5 million sale <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/12553\/800-6-Ave-New-York-NY-10001\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">796 Avenue of the Americas<\/a>, recorded back in April, followed by the $159.5 million sale of <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/937146\/218-232-E-72-St-New-York-NY-10021\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">220 East 72<sup>nd<\/sup> Street<\/a>, recorded in July. All in all, the three top deals represented one-third of the borough\u2019s annual sales volume.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Brooklyn_Multifamily_Sales_Volume_Halved_Sales_Activity_Down_One-Third\"><\/span><strong>Brooklyn Multifamily\nSales Volume Halved, Sales Activity Down One-Third<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>When it came to pricey multifamily deals, Brooklyn was second only to Manhattan. The borough\u2019s top deal was the $130.4 million sale of <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.propertyshark.com\/mason\/Property\/191181\/395-Leonard-St-Brooklyn-NY-11211\/\" target=\"_blank\">88 Richardson Street<\/a> in February 2019, followed by the mid-year sale of <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.propertyshark.com\/mason\/Property\/149991\/564-St-Johns-Pl-Brooklyn-NY-11238\/\" target=\"_blank\">564 St. Johns Place<\/a>, with the Crown Heights property selling for $117 million. The property at <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.propertyshark.com\/mason\/Property\/614346\/275-Park-Ave-Brooklyn-NY-11205\/\" target=\"_blank\">39 Waverly Avenue<\/a> rounded out the borough\u2019s top sales, trading hands at $67.25 million to become <a href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2019\/11\/12\/multifamily-sales-volume-declines-city-wide-but-gains-26-y-o-y-in-brooklyn\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"November (opens in a new tab)\">November<\/a>\u2019s priciest multifamily deal in the city. &nbsp;<\/p>\n\n\n\n<p>While<a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/brooklyn\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" Brooklyn\u2019s top multifamily deals (opens in a new tab)\"> Brooklyn\u2019s top multifamily deals<\/a> may have fetched attractive prices, these three properties accounted for more than one-fifth of the borough\u2019s sales volume for 2019, which totaled $1.65 billion. While that figure was the second-largest sales volume among the four boroughs, it also represented a stunning 49% year-over-year drop and was $850 million below its 2017 figures. &nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"437\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Brooklyn-Multifamily-Sales-2017-2019.png\" alt=\"Graph of multifamily sales volume and activity in Brooklyn between 2017 and 2019\" class=\"wp-image-37277\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Brooklyn-Multifamily-Sales-2017-2019.png 750w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Brooklyn-Multifamily-Sales-2017-2019.png?resize=300,175 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<p>Sales activity in\nthe borough also took a hit last year, closing 32% fewer multifamily deals than\nthe previous year. This marked the second consecutive year in which transactional\nactivity trended decidedly downward in the borough \u2013 Brooklyn saw 19% fewer\ndeals close in 2018 than 2017. As a result, last year saw 301 multifamily deals\nregistered, compared to 550 in 2017. <\/p>\n\n\n\n<p>Pricing was the only area of positive growth in the borough; Brooklyn had the second-sharpest price gains for multifamily assets in the city. However, its growth was nowhere near Manhattan\u2019s double-digit growth; Brooklyn\u2019s 4% year-over-year gain brought the price per square foot in the borough to $405 \u2013 less than half of what Manhattan commanded last year. <\/p>\n\n\n\n<p>The borough\u2019s price per unit grew at a slightly livelier\npace of 6% year-over-year, bringing Brooklyn\u2019s price per multifamily unit to $352,523.\nThat figure was the second highest in the city, but still less than half of Manhattan\u2019s.\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bronx_Sales_Volume_Outpaces_Queens_Which_Crashes_60_Y-o-Y\"><\/span><strong>Bronx Sales\nVolume Outpaces Queens, Which Crashes 60% Y-o-Y<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>While 2019\u2019s shifting market conditions continued to put downward pressure on the Bronx, sales in the <a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/queens\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Queens multifamily (opens in a new tab)\">Queens multifamily<\/a> market crashed. Specifically, although 2019 marked the second consecutive year in which sales volume trended downward in the Bronx, its 21% year-over-year loss doesn\u2019t even compare to Queens\u2019 60% year-over-year freefall. <\/p>\n\n\n\n<p>So, while the Bronx\u2019s sales volume contracted 12% in 2018,\nposting an annual volume of $1.13 billion, Queens surged 55%, accelerating to\nan annual $1.54 billion \u2013 of course, this also influenced the large contractions\nregistered in 2019. In fact, in 2019, both boroughs came in below their 2017\nsales volume figures, with the Bronx posting a 2019 total sales volume of $890\nmillion, Queens lagged behind at a mere $623 million. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"437\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Queens-Multifamily-Sales-2017-2019.png\" alt=\"Graph of multifamily sales volume and activity in Queens between 2017 and 2019\" class=\"wp-image-37274\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Queens-Multifamily-Sales-2017-2019.png 750w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Queens-Multifamily-Sales-2017-2019.png?resize=300,175 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<p>Of that $623 million annual sales volume, about 21% was represented by &nbsp;Queens\u2019 top three priciest transactions. The most expensive multifamily deal last year in Queens was the $47 million sale of <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/382830\/29-28-41-Ave-Queens-NY-11101\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">41-15 29<sup>th<\/sup> Street<\/a>, with the Long Island City asset ranking as NYC\u2019s third-priciest transaction in November. Fetching $42.5 million in June, Flushing\u2019s <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/471623\/140-30-Ash-Ave-Queens-NY-11355\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">14030 Ash Avenue<\/a> was the borough\u2019s second-most expensive transaction, followed closely by the $40.4 million sale of fellow Flushing property <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/468711\/13327-13331-39-Ave-Queens-NY-11354\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">13327 39<sup>th<\/sup> Avenue<\/a>. <\/p>\n\n\n\n<p>The Bronx, too, owed about one-fifth of its $890 million total sales volume to its top three multifamily deals, all of which were recorded in April. Its number one deal was the $87.9 million sale of <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/946058\/2001-Story-Ave-Bronx-NY-10473\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">2001 Story Avenue<\/a>, followed by <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/949995\/3240-Henry-Hudson-Pkwy-Bronx-NY-10463\/\">3240 Henry Hudson Parkway<\/a>, which traded hands for nearly $35.6 million. The borough\u2019s third-most expensive sale was a two-property deal for $29 million that included <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/106036\/710-E-243-St-Bronx-NY-10470\/\">708-710 East 243<sup>rd<\/sup> Street<\/a> and <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/106040\/740-E-243-St-Bronx-NY-10470\/\">740 East 243<sup>rd<\/sup> Street<\/a>. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"437\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Bronx-Multifamily-Sales-2017-2019.png\" alt=\"Graph of multifamily sales volume and activity in the Bronx between 2017 and 2019\" class=\"wp-image-37276\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Bronx-Multifamily-Sales-2017-2019.png 750w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Bronx-Multifamily-Sales-2017-2019.png?resize=300,175 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<p>While <a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/bronx\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"the Bronx multifamily (opens in a new tab)\">the Bronx multifamily<\/a> market is usually more active than that of Queens, the two almost tied when it came to sales activity in 2019. In particular, Queens had 154 multifamily sales in 2019 \u2013 down 9% year-over-year \u2013 after experiencing a 6% contraction in sales activity in 2018. <\/p>\n\n\n\n<p>Sales activity in the Bronx, however, dropped at a much sharper\nrate, with 37% fewer deals signed last year than in 2018. Its 1% sales activity\ncontraction in 2018 was negligible, translating to only two fewer deals. But,\nthe 155 multifamily transactions signed last year in the Bronx were a glaring\ndeparture from the 249 sales registered two years prior. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"447\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Sales-Volume-by-borough-2017-2019-1.png\" alt=\"Graph of multifamily sales volume and activity in Manhattan, the Bronx, Brooklyn and Queens between 2017 and 2019\" class=\"wp-image-37288\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Sales-Volume-by-borough-2017-2019-1.png 750w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Sales-Volume-by-borough-2017-2019-1.png?resize=300,179 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<p>Additionally, when it came to pricing metrics, both boroughs experienced rather modest gains. The price per unit for Queens multifamily gained 3% year-over-year, \u2013 closing 2019 at $277,929 while the price per square foot went up only 2% year-over-year, reaching $363 per square foot. <\/p>\n\n\n\n<p>The Bronx, of course, posted the lowest pricing figures. Here, the\nprice per square foot gained a negligible 1%, which translated to a mere $2 per\nsquare foot increase. As such, the Bronx closed 2019 at $200 per square foot,\nwhile the price per unit crept up 4% to reach $180,673 per unit.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Methodology\"><\/span><strong>Methodology<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>For our 2019 annual multifamily snapshot, we took into consideration all\nmultifamily building sales registered through deeds between January 1, 2017,\nand December 31, 2019, in the boroughs of Manhattan, Brooklyn, Queens and the\nBronx. All sales were counted for the month they were registered in.<\/p>\n\n\n\n<p>All deals between\nrelated parties were excluded, and all deals included in our report were verified\nto be arm\u2019s length transactions. Properties with fewer than five units were\nalso excluded, as were deals with a sale price of less than $100,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways: Multifamily sales volume dives 41% Y-o-Y across the four boroughs. Manhattan prices accelerate; price per unit up 22% Y-o-Y. Queens loses 60% of its sales volume Y-o-Y after strong 2018. Bronx sales activity down 37%, inking a mere 155 deals. Brooklyn sales volume halved, transactional activity down 32% Y-o-Y. As a blue wave&hellip;<\/p>\n","protected":false},"author":49,"featured_media":37270,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[389,8245,376,328,373],"tags":[9,239,11098,11171],"class_list":["post-37203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bronx-real-estate","category-market-studies","category-new-york-commercial-real-estate","category-new-york-real-estate","category-queens-real-estate","tag-multifamily","tag-nyc-commercial-for-sale","tag-nyc-multifamily","tag-old-study"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>2019 Annual Multifamily Report: NYC Sales Volume Down 41%, Unit Volume Halved - PropertyShark Real Estate Blog<\/title>\n<meta name=\"description\" content=\"2019 truly was a year of significant legislative changes for the NYC real estate market. 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