{"id":37699,"date":"2020-04-15T10:40:00","date_gmt":"2020-04-15T07:40:00","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=37699"},"modified":"2025-04-10T14:16:27","modified_gmt":"2025-04-10T11:16:27","slug":"nyc-multifamily-sales-q1-2020","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2020\/04\/15\/nyc-multifamily-sales-q1-2020","title":{"rendered":"NYC Multifamily Sales Volume Surges 39% in Q1"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Ryan_Serhant_Weighs_In_on_COVID-19_Crisis_Current_State_of_NYC_Real_Estate\"><\/span>+ <em>Ryan Serhant Weighs In on COVID-19 Crisis &amp; Current State of NYC Real Estate<\/em><span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key <\/strong><strong>Takeaways<\/strong><strong>:<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>NYC sales volume leaps 39% Y-o-Y, totals $1.9 billion in Q1<\/strong>.<\/li><li><strong>Sales activity remains unchanged, but number of buildings sold jumps 20%<\/strong>.<\/li><li><strong>Manhattan sales volume spikes 114% Y-o-Y to nearly $1 billion<\/strong>.<\/li><li><strong>Brooklyn prices reach highest figures in four years, sales activity gains 18% Y-o-Y<\/strong>.<\/li><li><strong>Price per unit drops 23% Y-o-Y in Queens as metrics contract across the board<\/strong>.<\/li><li><strong>Bronx sales volume and activity halved, but price per square foot ticks up 12% Y-o-Y<\/strong>.<\/li><\/ul>\n\n\n\n<p>Undoubtedly, 2019 was a year of turmoil for the <a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/new-york-city\/\" target=\"_blank\" rel=\"noreferrer noopener\">NYC multifamily market<\/a>, with sweeping legislative changes resulting in significant market fluctuations. So, after a year of tectonic shifts for the industry, we were curious to see how the multifamily market kicked off 2020.<\/p>\n\n\n\n<p>We analyzed all arm\u2019s length transactions recorded in the first quarter (Q1) in the boroughs of Manhattan, Brooklyn, the Bronx and Queens. The data showed clear positive trends in key metrics such as total sales volume, unit volume and number of buildings sold. Notably, Q1 metrics for the multifamily industry have yet to reflect the effects of the pandemic, owing at least partly to the usual delay between the sale of a commercial building and the actual registration of the sale.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"850\" height=\"507\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Q-1-NYC-sales-volume-and-activity.jpg\" alt=\"\" class=\"wp-image-37683\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Q-1-NYC-sales-volume-and-activity.jpg 850w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Q-1-NYC-sales-volume-and-activity.jpg?resize=300,179 300w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Q-1-NYC-sales-volume-and-activity.jpg?resize=768,458 768w\" sizes=\"auto, (max-width: 850px) 100vw, 850px\" \/><\/figure>\n\n\n\n<p>But, of course, we couldn\u2019t ignore the strong influence that the COVID-19 pandemic has already had and will continue to have in New York. So, for insight into how the NYC real estate market in general is reacting to the situation on the ground, we reached out to one of the most high-profile real estate professionals in the city: <a rel=\"noreferrer noopener\" href=\"http:\/\/www.ryanserhant.com\/\" target=\"_blank\">Ryan Serhant<\/a>, BRAVO TV Star of \u201cMillion Dollar Listing New York\u201d and Principal Broker of Nest Seekers International \/ The Serhant Team.<\/p>\n\n\n\n<div class=\"wp-block-image is-style-default\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"639\" height=\"916\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/04\/Ryan-Serhant-Nest-Seekers-Million-Dollar-Listing-PropertyShark-834x1024_NEW-1.jpg\" alt=\"\" class=\"wp-image-37702\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/04\/Ryan-Serhant-Nest-Seekers-Million-Dollar-Listing-PropertyShark-834x1024_NEW-1.jpg 639w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/04\/Ryan-Serhant-Nest-Seekers-Million-Dollar-Listing-PropertyShark-834x1024_NEW-1.jpg?resize=209,300 209w\" sizes=\"auto, (max-width: 639px) 100vw, 639px\" \/><figcaption><a rel=\"noreferrer noopener\" href=\"http:\/\/www.ryanserhant.com\/\" target=\"_blank\">Ryan Serhant<\/a>, BRAVO TV Star of \u201cMillion Dollar Listing New York\u201d and Principal Broker of Nest Seekers International \/ The Serhant Team<\/figcaption><\/figure><\/div>\n\n\n\n<blockquote class=\"wp-block-quote is-style-default is-layout-flow wp-block-quote-is-layout-flow\"><p>The New York City market has come to a standstill. No one has ever experienced anything like this before, so everyone just stopped.&nbsp; We aren\u2019t seeing that many people cancel contracts or pull out of deals though, which is good.&nbsp;It\u2019s more of a &#8220;let&#8217;s wait-and-see approach. Additionally, we aren\u2019t seeing rent concessions in the way that so many were predicting, but we are seeing owners offer flexibility on a tenant-by-tenant basis. <\/p><cite><a rel=\"noreferrer noopener\" href=\"http:\/\/www.ryanserhant.com\/\" target=\"_blank\">Ryan Serhant<\/a>, Nest Seekers International Principle Broker &amp; Million Dollar Listing star<\/cite><\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NYC_Sales_Activity_Remains_Unchanged_Number_of_Buildings_Sold_Jumps_20_Y-o-Y\"><\/span><strong>NYC Sales Activity Remains Unchanged, Number of Buildings Sold Jumps 20% Y-o-Y<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Circling back to the multifamily market, Q1\u2019s performance in 2020 was particularly important after the upheaval that took place during the previous year. After all, by the time 2019 was over, the NYC multifamily market had undergone <a href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2020\/02\/24\/2019-annual-multifamily-report-nyc-sales-volume-down-41-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">a sizeable contraction<\/a>\u2014 sales activity shrunk by 32% and the yearly unit volume was nearly halved. Furthermore, despite sustained price growth, the drop in transactional activity meant that the 2019 total sales volume for the four boroughs came in 41% below 2018 figures.<\/p>\n\n\n\n<p>However, Q1 2020 presented a markedly different picture with $1.9 billion in total sales volume \u2014 up a significant 39% over Q1 2019. However, because Q1 2019\u2019s sales volume was 48% below Q1 2018, the first three months of this year still came in $747 million below the figures reached two years ago.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"850\" height=\"495\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Q1-Sales-volume-by-borough.jpg\" alt=\"\" class=\"wp-image-37684\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Q1-Sales-volume-by-borough.jpg 850w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Q1-Sales-volume-by-borough.jpg?resize=300,175 300w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Q1-Sales-volume-by-borough.jpg?resize=768,447 768w\" sizes=\"auto, (max-width: 850px) 100vw, 850px\" \/><\/figure>\n\n\n\n<p>Meanwhile, sales activity across the city remained unchanged compared to year-ago levels, with 217 deals closed. A 0% change might not seem like a positive evolution, but Q1 2019 registered 28% fewer transactions than Q1 2018 \u2014 which also trended negatively with 7% fewer sales than Q1 2017. Year-to-date, sales activity was most dynamic in January with 91 deals closed, while February proved strongest for sales growth, registering 20% more deals year-over-year.<\/p>\n\n\n\n<p>Although sales activity remained unchanged year-over-year, the first quarter\u2019s 217 transactions comprised 282 buildings \u2014 20% more than Q1 2019, which had logged 32% fewer building sales than Q1 2018. Moreover, the latter had also trended negatively, with 8% fewer buildings trading hands then as compared to Q1 2017.<\/p>\n\n\n\n<p>That increase in the number of buildings traded also lifted unit volume metrics \u2014 up to 5,268 units trading hands between January and March, 13% more than in early 2019. However, Q1 2020 had a much more compact unit volume than both Q1 2018 and Q1 2017.Year-to-date, January leads in sales volume with 2,479 units traded, while February was the strongest month for growth, coming in at a whopping 89% over February 2019.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"850\" height=\"482\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Nyc-Price-sqft.jpg\" alt=\"\" class=\"wp-image-37681\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Nyc-Price-sqft.jpg 850w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Nyc-Price-sqft.jpg?resize=300,170 300w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Nyc-Price-sqft.jpg?resize=768,436 768w\" sizes=\"auto, (max-width: 850px) 100vw, 850px\" \/><\/figure>\n\n\n\n<p>Pricing metrics for the four boroughs were weaker, though, with average price per square foot stabilizing at $445 for a 5% year-over-year contraction. March was the strongest month for the quarter, hitting $479\/sq. ft \u2014 although that figure was 16% below March 2019. However, January was the strongest month for growth with a 4% Y-o-Y uptick.<\/p>\n\n\n\n<p>Unlike the average price per square foot, the average price per unit did register positive growth in Q1, albeit a modest 3%. Consequently, the average price per unit for NYC multifamily stabilized at $394,968. Here, too, March was the strongest month in terms of absolute pricing, reaching $492,772 per unit, with January leading in pricing growth at 16% Y-o-Y.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"850\" height=\"477\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/NYC-sales-volume.jpg\" alt=\"\" class=\"wp-image-37682\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/NYC-sales-volume.jpg 850w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/NYC-sales-volume.jpg?resize=300,168 300w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/NYC-sales-volume.jpg?resize=768,431 768w\" sizes=\"auto, (max-width: 850px) 100vw, 850px\" \/><\/figure>\n\n\n\n<p>As for the city\u2019s top deals, the five most expensive transactions in the city totaled $994 million, making up 52% of the quarter\u2019s entire sales volume. In fact, 20% of the entire sales volume of Q1 was represented by the $380.6 million sale of the Instrata NoMad luxury apartments at <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/13177\/10-E-29-St-New-York-NY-10016\/\" target=\"_blank\" rel=\"noreferrer noopener\">7 East 28<sup>th<\/sup> Street<\/a> in Manhattan\u2019s <a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/manhattan\/nomad\/\" target=\"_blank\" rel=\"noreferrer noopener\">NoMad<\/a>.<\/p>\n\n\n\n<p>The quarter\u2019s second-priciest deal was a multi-borough, 10-property deal worth $162.7 million. Sold in late December 2019, the sale comprising multifamily properties in Manhattan, Queens and Brooklyn was recorded in early January. At $137.75 million, the sale of <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/184389\/250-N-10-St-Brooklyn-NY-11211\/\" target=\"_blank\" rel=\"noreferrer noopener\">250 North 10 Street<\/a> in Brooklyn was the city\u2019s third-most expensive, followed by the $83.76 million sale of <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/185312\/432-Rodney-St-Brooklyn-NY-11211\/\" target=\"_blank\" rel=\"noreferrer noopener\">123 Hope Street<\/a>, also in Brooklyn. The $66.25 million sale of <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/21656\/340-E-51-St-New-York-NY-10022\/\" target=\"_blank\" rel=\"noreferrer noopener\">340 East 51<sup>st<\/sup> Street<\/a> in Manhattan \u2014 to a partnership including former New York Yankee <a href=\"https:\/\/www.multihousingnews.com\/post\/stonehenge-nyc-jv-acquires-manhattan-building\/\" target=\"_blank\" rel=\"noreferrer noopener\">Alex Rodriguez<\/a> \u2014 was the fifth-most expensive deal in the four boroughs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Manhattan_Sales_Volume_Surges_114_Y-o-Y_Reaches_Nearly_1_Billion\"><\/span><strong>Manhattan Sales Volume Surges 114% Y-o-Y, Reaches Nearly $1 Billion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>For <a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/manhattan\/\" target=\"_blank\" rel=\"noreferrer noopener\">Manhattan<\/a>, the city\u2019s top deal was also the borough\u2019s most expensive deal of the quarter. As such, 7 East 28<sup>th<\/sup> Street\u2019s sale represented 39% of Manhattan\u2019s Q1 sales volume, which totaled $979 million. While that figure was lower than the $1.48 billion recorded in Q1 2018, it did represent a whopping 114% Y-o-Y boom over the $457 million recorded in Q1 2019, which had plummeted 70%.<\/p>\n\n\n\n<p>The borough\u2019s second-most expensive transaction was the $66.25 million sale of <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/21656\/340-E-51-St-New-York-NY-10022\/\" target=\"_blank\" rel=\"noreferrer noopener\">340 East 51<sup>st<\/sup> Street<\/a> also the fifth-priciest Q1 deal in NYC. Formerly known as The Allen House, the 114-unit <a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/manhattan\/midtown-manhattan\/\" target=\"_blank\" rel=\"noreferrer noopener\">Midtown<\/a> property has been rebranded Stonehenge 51 by the new ownership, which includes Stonehenge NYC, Modlin Group and Alex Rodriguez\u2019s A-Rod Corp. That transaction represented 3% of the city\u2019s total sales volume for the first quarter.<\/p>\n\n\n\n<p>&nbsp;Manhattan\u2019s third-most expensive deal was the $35.67 million sale of <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/6933\/159-Bleecker-St-New-York-NY-10012\/\" target=\"_blank\" rel=\"noreferrer noopener\">159 Bleecker Street<\/a> in <a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/manhattan\/greenwich-village\/\" target=\"_blank\" rel=\"noreferrer noopener\">Greenwich Village<\/a>, bringing the combined value of the borough\u2019s top three deals to 49% of Q1\u2019s total sales volume.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"850\" height=\"495\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Manhattan-multifamily-sales.jpg\" alt=\"\" class=\"wp-image-37679\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Manhattan-multifamily-sales.jpg 850w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Manhattan-multifamily-sales.jpg?resize=300,175 300w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Manhattan-multifamily-sales.jpg?resize=768,447 768w\" sizes=\"auto, (max-width: 850px) 100vw, 850px\" \/><\/figure>\n\n\n\n<p>Of the $979 million in multifamily sales registered in Q1, $571 million \u2014 or 58% \u2014 were registered in February. March, however, was the weakest month in at least 39 consecutive months, registering only $132 million in sales. This may be the first sign of the effect of COVID-19, but it\u2019s also worth noting that March 2019 was the weakest month of that year, as well, with a sales volume of only $136 million.<\/p>\n\n\n\n<p>Meanwhile, sales activity was on the upswing in Q1, too, gaining 20% Y-o-Y for a total of 61 unique deals, 30 of which closed in January. First-quarter pricing trends, though, were negative for the borough, with the average price per unit contracting 20% Y-o-Y, while the average price per square foot dropped 31%. As a result, Manhattan\u2019s average of $544,370 per unit is the lowest Q1 price in at least four years, as is the borough\u2019s $602\/sq. ft average.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Brooklyn_Prices_Reach_Highest_Figures_in_4_Years_Sales_Activity_Gains_18_Y-o-Y\"><\/span><strong>Brooklyn Prices Reach Highest Figures in 4 Years, Sales Activity Gains 18% Y-o-Y<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/brooklyn\/\" target=\"_blank\" rel=\"noreferrer noopener\">Brooklyn<\/a> Q1 metrics were up across the board, both in terms of transactional activity, as well as pricing. In fact, the average price per square foot gained 12% Y-o-Y, reaching $470, while the average price per unit jumped 23% Y-o-Y to $420,718. Both prices represent the highest Q1 figures for the borough in at least four years.<\/p>\n\n\n\n<p>Similarly, sales activity grew 18% Y-o-Y, with 91 sales registered in the first three months of the year \u2014 the highest figure across the four boroughs. Of these, 40 sales totaling $336 million were registered in January, making it the strongest month both in terms of sales activity, as well as sales volume.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"850\" height=\"495\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Brooklyn-multifamily-sales.jpg\" alt=\"\" class=\"wp-image-37678\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Brooklyn-multifamily-sales.jpg 850w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Brooklyn-multifamily-sales.jpg?resize=300,175 300w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Brooklyn-multifamily-sales.jpg?resize=768,447 768w\" sizes=\"auto, (max-width: 850px) 100vw, 850px\" \/><\/figure>\n\n\n\n<p>While Brooklyn\u2019s Q1 sales volume didn\u2019t grow quite as vertically as Manhattan\u2019s, the borough still experienced an impressive 40% Y-o-Y surge, registering $639 million in multifamily sales \u2014 its highest Q1 figure in four years.<\/p>\n\n\n\n<p>Of that total sales volume, 38% was represented by the top three deals of the quarter. At $137.75 million, <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/184389\/250-N-10-St-Brooklyn-NY-11211\/\" target=\"_blank\" rel=\"noreferrer noopener\">250 North 10 Street<\/a> was the borough\u2019s most expensive multifamily deal, as well as the city\u2019s third-most expensive. It was followed by fellow <a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/brooklyn\/williamsburg\/\" target=\"_blank\" rel=\"noreferrer noopener\">Williamsburg<\/a> asset <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/185312\/432-Rodney-St-Brooklyn-NY-11211\/\" target=\"_blank\" rel=\"noreferrer noopener\">123 Hope Street<\/a> at $83.76 million, the city\u2019s fourth-priciest and Brooklyn\u2019s second-most expensive transaction. The 40-unit <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/177804\/79-Clifton-Pl-Brooklyn-NY-11238\/\" target=\"_blank\" rel=\"noreferrer noopener\">83 Clifton Place<\/a> in <a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/brooklyn\/clinton-hill\/\" target=\"_blank\" rel=\"noreferrer noopener\">Clinton Hill<\/a> rounded out the borough\u2019s top three with its $22.9 million sale price.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bronx_Sales_Volume_Activity_Halved_Price_Per_Square_Foot_Ticks_Up_12_Y-o-Y\"><\/span><strong>Bronx Sales Volume &amp; Activity Halved; Price Per Square Foot Ticks Up 12% Y-o-Y<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Conversely, the <a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/bronx\/\" target=\"_blank\" rel=\"noreferrer noopener\">Bronx multifamily<\/a> market presented a starkly different picture from that of Manhattan and Brooklyn. Here, sales volume crashed 53% Y-o-Y, totaling $123 million for the lowest Q1 figure in four years. Nonetheless, February was the strongest month for the Bronx, registering $74 million in sales across 13 unique transactions, including the borough\u2019s top two deals.<\/p>\n\n\n\n<p>Specifically, 28% of the Bronx\u2019s Q1 sales volume was represented by the borough\u2019s top three multifamily deals. The most expensive Q1 multifamily transaction in the Bronx was the $13.76 million sale of <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/51131\/1515-Grand-Concourse-Bronx-NY-10452\/\" target=\"_blank\" rel=\"noreferrer noopener\">1515 Grand Concourse<\/a> in Mount Eden, followed by <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/69621\/1135-Boynton-Ave-Bronx-NY-10472\/\" target=\"_blank\" rel=\"noreferrer noopener\">1135 Boynton Avenue<\/a> in Soundview at $10.9 million and the 61-unit <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/118385\/226-W-242-St-Bronx-NY-10471\/\" target=\"_blank\" rel=\"noreferrer noopener\">226 West 242<sup>nd<\/sup> Street<\/a> in Kingsbridge at $9.69 million.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"850\" height=\"495\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Bronx-multifamily-sales.jpg\" alt=\"\" class=\"wp-image-37677\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Bronx-multifamily-sales.jpg 850w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Bronx-multifamily-sales.jpg?resize=300,175 300w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Bronx-multifamily-sales.jpg?resize=768,447 768w\" sizes=\"auto, (max-width: 850px) 100vw, 850px\" \/><\/figure>\n\n\n\n<p>Overall, the Bronx registered only 31 multifamily sales in Q1 for a 38% Y-o-Y contraction. Moreover, this was also the slowest first quarter in at least four years, as Q1 2019 registered a 21% Y-o-Y contraction and Q1 2018 was also down 9% Y-o-Y. As a result, the first three months of 2020 experienced less than half of the transactional activity recorded in Q1 2017, which had 69 sales.<\/p>\n\n\n\n<p>Fortunately, the Bronx did somewhat better in pricing metrics. The average price per unit for Q1 was $175,296, down a negligible 1% Y-o-Y. This marked the lowest price per unit across the four boroughs, similar to the Bronx\u2019s average price per square foot, which is typical for the NYC multifamily market. However, at $197, the first quarter\u2019s average price per square foot was up 12% Y-o-Y, reaching its highest point in at least four years.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Price_Per_Unit_Drops_23_Y-o-Y_in_Queens_as_Metrics_Contract_Across_the_Board\"><\/span><strong>Price Per Unit Drops 23% Y-o-Y in Queens as Metrics Contract Across the Board<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In the <a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/queens\/\" target=\"_blank\" rel=\"noreferrer noopener\">Queens multifamily<\/a> market, all four key indicators trended negative. In particular, the borough\u2019s average price per square foot contracted 19% Y-o-Y for a Q1 value of $324 per square foot. The borough\u2019s average price per unit dropped at an even sharper rate of 23%, stabilizing at $258,292 \u2014 the lowest level in three years.<\/p>\n\n\n\n<p>What\u2019s more, that price drop was compounded by a 13% Y-o-Y contraction in transactional activity to bring the overall Q1 sales volume down 18% below Q1 2019. Along the same lines, the 34 multifamily sales registered in Queens in the first three months of 2020 totaled $157 million \u2014 the lowest first quarter sales volume since 2017.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"850\" height=\"495\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Queen-multifamily-sales.jpg\" alt=\"\" class=\"wp-image-37685\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Queen-multifamily-sales.jpg 850w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Queen-multifamily-sales.jpg?resize=300,175 300w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Queen-multifamily-sales.jpg?resize=768,447 768w\" sizes=\"auto, (max-width: 850px) 100vw, 850px\" \/><\/figure>\n\n\n\n<p>Of the $157 million in sales that Queens registered in the first three months of the year, $101 million \u2014 representing 64% \u2014 were registered in January, as were 15 of the quarter\u2019s 34 sales, making this the strongest Q1 month for the borough by far.<\/p>\n\n\n\n<p>Even so, Queens\u2019 most expensive multifamily deals were registered in March, with a 13-building portfolio on Beach 65<sup>th<\/sup> Street in Arverne coming in as the priciest at $13.95 million. Queens\u2019 second-most expensive multifamily sale was <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/400164\/37-43-80-St-Queens-NY-11372\/\" target=\"_blank\" rel=\"noreferrer noopener\">37-43 80<sup>th<\/sup> Street<\/a> in <a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/queens\/jackson-heights\/\" target=\"_blank\" rel=\"noreferrer noopener\">Jackson Heights<\/a> \u2014 a 27-unit building that changed hands for $6.27 million \u2014 followed by the $5.85 million purchase of <a href=\"https:\/\/www.propertyshark.com\/mason\/Property-Report\/?propkey=544013\" target=\"_blank\" rel=\"noreferrer noopener\">118-22 Atlantic Avenue<\/a> in <a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/queens\/richmond-hill\/\" target=\"_blank\" rel=\"noreferrer noopener\">Richmond Hill<\/a>.<\/p>\n\n\n\n<p>At a combined value of $26 million, Queens\u2019 top three transactions represented only 16% of the borough\u2019s Q1 sales volume. This was the lowest share in the city and a far cry from the 49% that Manhattan\u2019s top three deals represented in that borough\u2019s sales volume.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E2%80%9CFloor_It_onto_the_Open_Road_Thats_the_Second_Quarter%E2%80%9D\"><\/span><strong>\u201cFloor It onto the Open Road.&nbsp;That\u2019s the Second Quarter.\u201d<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"639\" height=\"916\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/04\/Ryan-Serhant-Nest-Seekers-Million-Dollar-Listing-PropertyShark-834x1024_NEW-2.jpg\" alt=\"\" class=\"wp-image-37703 size-full\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/04\/Ryan-Serhant-Nest-Seekers-Million-Dollar-Listing-PropertyShark-834x1024_NEW-2.jpg 639w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/04\/Ryan-Serhant-Nest-Seekers-Million-Dollar-Listing-PropertyShark-834x1024_NEW-2.jpg?resize=209,300 209w\" sizes=\"auto, (max-width: 639px) 100vw, 639px\" \/><\/figure><div class=\"wp-block-media-text__content\">\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Stay lean.You must always operate as if there will be a recession tomorrow, and COVID-19 showed us that.&nbsp;<\/p><\/blockquote>\n<\/div><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>What the second quarter will look like for the multifamily industry \u2014 or the NYC real estate industry, in general \u2014 will depend on a variety of factors. For now, life in NYC remains on pause. So, what is the key for real estate professionals to weather the crisis in uncertain times? According to Ryan Serhant, it\u2019s patience and planning.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Stay lean. Time and time again, we see market disrupters making waves with excess capital when the market is strong. But, when the market is weak, the only disruption those same companies are making is to the lives of the employees they have to fire. You must always operate as if there will be a recession tomorrow, and COVID-19 showed us that.&nbsp;The Dow sold off 10,000 points in two weeks.&nbsp;All of a sudden, the \u2018that can never happen, so don\u2019t worry\u2019 scenario actually&nbsp;happened.&nbsp;Furthermore, the most productive workforces are the ones with the most capable people \u2014 not the <em>most<\/em> people.&nbsp;You weather the storm by having 10 people work with you who can do the job of 50, not 50 who do the job of 10 \u2014&nbsp;and you\u2019re seeing a lot of that pain right now.<\/p><cite>Ryan Serhant, Nest Seekers International Principle Broker &amp; Million Dollar Listing star<\/cite><\/blockquote>\n\n\n\n<p>As for his take on Q2 and when the outbreak will be brought under control, Serhant predicts that a lot of pent-up demand will suddenly be released back into the market.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>The shelter-in-place mandates are like a traffic jam.&nbsp; We are all stuck on the highway in stalled traffic, wondering when the accident far down the road will be cleared. We know there\u2019s an accident because that\u2019s what our GPS says, and while we\u2019re thankful we aren\u2019t the ones in the accident, we are also frustrated because now we\u2019re going to be late to our next appointment.&nbsp;And, what does everyone do when you finally drive past the accident? You drive by really slow, gawk, thank the Lord it wasn\u2019t you, and then floor it onto the open road.&nbsp;That\u2019s the second quarter.<\/p><cite>Ryan Serhant, Nest Seekers International Principle Broker &amp; Million Dollar Listing star<\/cite><\/blockquote>\n\n\n\n<p><\/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 Q1 2020 multifamily snapshot, we considered all multifamily building sales registered through deeds between January 1 and March 31 in 2017, 2018, 2019 and 2020, in the boroughs of Manhattan, Brooklyn, Queens and the Bronx. All sales were counted for the month they were registered in.<\/p>\n\n\n\n<p>All deals between related parties were excluded, and all deals included in our report were verified to be arm\u2019s length transactions. Properties with fewer than five units were also excluded, as were deals with sale prices less than $100,000.<\/p>\n\n\n\n<p>The $13.95 million, 13-building sale on Beach 65<sup>th<\/sup> Street that ranked as the most expensive multifamily deal in Queens included the following properties: <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/45419809\/301-Beach-65-St-Arverne-NY-11692\/\" target=\"_blank\" rel=\"noreferrer noopener\">301 Beach 65 Street<\/a>, <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/46546107\/303-Beach-65-St-Arverne-NY-11692\/\" target=\"_blank\" rel=\"noreferrer noopener\">303 Beach 65 Street<\/a>, <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/46546108\/305-Beach-65-St-Arverne-NY-11692\/\" target=\"_blank\" rel=\"noreferrer noopener\">305 Beach 65 Street<\/a>, <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/46546109\/307-Beach-65-St-Arverne-NY-11692\/\" target=\"_blank\" rel=\"noreferrer noopener\">307 Beach 65 Street<\/a>, <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/46546110\/309-Beach-65-St-Arverne-NY-11692\/\" target=\"_blank\" rel=\"noreferrer noopener\">309 Beach 65 Street<\/a>, <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/607211\/311-Beach-65-St-Queens-NY-11692\/\" target=\"_blank\" rel=\"noreferrer noopener\">311 Beach 65 Street<\/a>, <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/45419869\/317-Beach-65-St-Arverne-NY-11692\/\" target=\"_blank\" rel=\"noreferrer noopener\">317 Beach 65 Street<\/a>, <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/46546112\/319-Beach-65-St-Arverne-NY-11692\/\" target=\"_blank\" rel=\"noreferrer noopener\">319 Beach 65 Street<\/a>, <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/46546113\/321-Beach-65-St-Arverne-NY-11692\/\" target=\"_blank\" rel=\"noreferrer noopener\">321 Beach 65 Street<\/a>, <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/46546114\/323-Beach-65-St-Arverne-NY-11692\/\" target=\"_blank\" rel=\"noreferrer noopener\">323 Beach 65 Street<\/a>, <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/46546115\/325-Beach-65-St-Arverne-NY-11692\/\" target=\"_blank\" rel=\"noreferrer noopener\">325 Beach 65 Street<\/a>, <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/46546111\/327-Beach-65-St-Arverne-NY-11692\/\" target=\"_blank\" rel=\"noreferrer noopener\">327 Beach 65 Street<\/a> and <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/607210\/329-Beach-65-St-Queens-NY-11692\/\" target=\"_blank\" rel=\"noreferrer noopener\">329 Beach 65 Street<\/a>.<\/p>\n\n\n\n<p>The $162.7 million multi-borough portfolio sale that ranked as NYC\u2019s second-most expensive Q1 transaction included the following properties:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a rel=\"noreferrer noopener\" href=\"https:\/\/www.propertyshark.com\/mason\/Property\/39874\/213-Bennett-Ave-New-York-NY-10040\/\" target=\"_blank\">213 Bennett Avenue<\/a>, Washington Heights, Manhattan: $15 million<\/li><li><a rel=\"noreferrer noopener\" href=\"https:\/\/www.propertyshark.com\/mason\/Property\/39841\/50-Overlook-Ter-New-York-NY-10033\/\" target=\"_blank\">50 Overlook Terrace<\/a>, Washington Heights, Manhattan: $13.6 million<\/li><li><a rel=\"noreferrer noopener\" href=\"https:\/\/www.propertyshark.com\/mason\/Property\/38765\/106-112-Ft-Washington-Ave-New-York-NY-10032\/\" target=\"_blank\">106 Ft Washington Avenue<\/a>, Washington Heights, Manhattan: $13.3 million<\/li><li><a rel=\"noreferrer noopener\" href=\"https:\/\/www.propertyshark.com\/mason\/Property\/359551\/1625-Rockaway-Pkwy-Brooklyn-NY-11236\/\" target=\"_blank\">1625 Rockaway Parkway<\/a>, Canarsie, Brooklyn: $25.3 million<\/li><li><a rel=\"noreferrer noopener\" href=\"https:\/\/www.propertyshark.com\/mason\/Property\/185073\/170-N-5-St-Brooklyn-NY-11211\/\" target=\"_blank\">170 North 5th Street<\/a>, Williamsburg, Brooklyn: $11.2 million<\/li><li><a rel=\"noreferrer noopener\" href=\"https:\/\/www.propertyshark.com\/mason\/Property\/384274\/25-21-31-Ave-Queens-NY-11106\/\" target=\"_blank\">25-21 31<sup>st<\/sup> Avenue<\/a>, Old Astoria, Queens: $20.7 million<\/li><li><a rel=\"noreferrer noopener\" href=\"https:\/\/www.propertyshark.com\/mason\/Property\/384661\/29-07-31-Ave-Queens-NY-11106\/\" target=\"_blank\">29-07 31st Avenue<\/a>, Old Astoria, Queens, and <a rel=\"noreferrer noopener\" href=\"https:\/\/www.propertyshark.com\/mason\/Property\/384662\/30-95-29-St-Queens-NY-11102\/\" target=\"_blank\">30-95 29th Street<\/a>, Old Astoria, Queens: $18.9 million<\/li><li><a rel=\"noreferrer noopener\" href=\"https:\/\/www.propertyshark.com\/mason\/Property\/385554\/25-74-33-St-Queens-NY-11102\/\" target=\"_blank\">25-74 33rd Street<\/a>, South Astoria, Queens: $16.6 million<\/li><li><a rel=\"noreferrer noopener\" href=\"https:\/\/www.propertyshark.com\/mason\/Property\/962848\/31-49-29-St-Queens-NY-11106\/\" target=\"_blank\">31-49 29th Street<\/a>, South Astoria, Queens: $13.6 million<\/li><li><a rel=\"noreferrer noopener\" href=\"https:\/\/www.propertyshark.com\/mason\/Property\/607934\/122-20-Ocean-Promenade-Queens-NY-11694\/\" target=\"_blank\">122-20 Ocean Promenade<\/a>, Rockaway Park, Queens: $14.5 million<\/li><\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The effects of COVID-19 have yet to show up for NYC multifamily in Q1: sales volume leaps 39% Y-o-Y, totals $1.9 billion.<\/p>\n","protected":false},"author":49,"featured_media":37680,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[389,349,89,8245,376,328,373],"tags":[9,186,11098,11171],"class_list":["post-37699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bronx-real-estate","category-brooklyn-real-estate","category-manhattan-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-properties","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>NYC Multifamily Sales Volume Surges 39% in Q1 | PropertyShark<\/title>\n<meta name=\"description\" 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Multifamily Sales Volume Surges 39% in Q1"}]},{"@type":"WebSite","@id":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/#website","url":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/","name":"PropertyShark Real Estate Blog","description":"Market Reports for Real Estate Writers","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/#\/schema\/person\/de1353a5de72f96494054df3ecca7de4","name":"Eliza Theiss","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/96965f7dc4c1c5276e67c2727672b8636c299791a627dca31fda556cf0db9758?s=96&d=retro&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/96965f7dc4c1c5276e67c2727672b8636c299791a627dca31fda556cf0db9758?s=96&d=retro&r=g","caption":"Eliza Theiss"},"description":"Eliza Theiss is a senior writer reporting real estate trends in the US. Her work has been cited by CBS News, Curbed, The Los Angeles Times, and Forbes among others. With an academic background in journalism, Eliza has been covering real estate since 2012. Before joining PropertyShark, Eliza was an associate editor at Multi-Housing News and Commercial Property Executive. She has also contributed extensively to CommercialEdge. 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