{"id":42243,"date":"2021-04-24T11:52:00","date_gmt":"2021-04-24T08:52:00","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=42243"},"modified":"2023-04-12T12:16:18","modified_gmt":"2023-04-12T09:16:18","slug":"nyc-multifamily-sales-q1-2021","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2021\/04\/24\/nyc-multifamily-sales-q1-2021\/","title":{"rendered":"NYC Multifamily Sales Volume Down 62% in Q1 as Slumping Rents &amp; High Vacancy Rates Exacerbate Prior Slowdown"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Key Takeaways:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>After a rough 2020, Q1 2021 suggests depressed activity will continue for NYC multifamily<\/strong><\/li>\n\n\n\n<li><strong>NYC sales volume remains below $1B for fourth consecutive quarter<\/strong><\/li>\n\n\n\n<li><strong>Multifamily sales activity records year-over-year drop for 9<sup>th<\/sup> consecutive quarter<\/strong><\/li>\n\n\n\n<li><strong>The city\u2019s most expensive deal traded for a mere $22,875,000<\/strong><\/li>\n\n\n\n<li><strong>Manhattan sales volume falls 70% Y-o-Y, closing only $277 million in multifamily sales<\/strong><\/li>\n\n\n\n<li><strong>Brooklyn prices down across the board, average price per unit contracts $103K Y-o-Y<\/strong><\/li>\n\n\n\n<li><strong>Bronx unit volume slashed by 60% Y-o-Y, only 329 units sold in Q1 2021<\/strong><\/li>\n\n\n\n<li><strong>Down 9% Y-o-Y, Queens\u2019 sales activity experiences least-sharpest rate of decline among the four boroughs<\/strong><\/li>\n<\/ul>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>While 2020 was a year of massive change throughout the real estate industry, for the <a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/new-york-city\/\" target=\"_blank\" rel=\"noreferrer noopener\">NYC multifamily<\/a> sector, the downturn brought on by the pandemic was just another hit to an <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\">already cooled-down market<\/a>.<\/p>\n\n\n\n<p>First, the sweeping <a href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/NYC-multifamily-sales-september-2019\" target=\"_blank\" rel=\"noreferrer noopener\">legislative changes of 2019<\/a> led to significant market fluctuations throughout that year. In particular, 32% fewer deals closed in 2019 as opposed to 2018, which fueled a 41% year-over-year (Y-o-Y) drop in the city\u2019s overall sales volume. And, while 2019\u2019s $6.79 billion sales volume was already a dramatic departure from 2018\u2019s record $11.59 billion, 2020 closed with a mere $3.83 billion. <\/p>\n\n\n\n<p>To put that figure into sharp context, Manhattan alone closed $3.61 billion in multifamily sales in 2019 \u2014 even during weakened market conditions. What\u2019s more, the extreme slowdown of NYC\u2019s multifamily sector is even more evident when considering monthly volumes, which have not surpassed $360 million since March of last year.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"f1d2e38d-b007-4aad-a5a3-e04d52f1aeca\" data-type=\"interactive\" data-title=\"NYC Sales Volume\"><\/div><script>!function(e,i,n,s){var t=\"InfogramEmbeds\",d=e.getElementsByTagName(\"script\")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement(\"script\");o.async=1,o.id=n,o.src=\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\",d.parentNode.insertBefore(o,d)}}(document,0,\"infogram-async\");<\/script>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Citywide_Sales_Activity_Drops_for_9th_Consecutive_Quarter_Pandemic_Exacerbates_Slowdown\"><\/span><strong>Citywide Sales Activity Drops for 9<sup>th<\/sup> Consecutive Quarter, Pandemic Exacerbates Slowdown<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The hits taken in 2020 were especially painful for NYC\u2019s multifamily landscape when comparing it to Q1 2020, which initially hinted at a possible recovery. Q1 2020\u2019s $1.76 billion sales volume represented a 28% Y-o-Y increase, although sales activity was still trending down, with its 197 deals marking a 9% Y-o-Y drop. But, by Q2 2020, sales activity had slowed to a mere 96 transactions for a 51% Y-o-Y drop.<\/p>\n\n\n\n<p>Now, a year later, Q1 2020 remains the strongest quarter by far in terms of sales \u2014 despite its contracting activity. In fact, Q1 2021 marked the ninth consecutive quarter in which sales activity contracted year-over-year. Specifically, Q1 2021 was down 20% Y-o-Y, closing 157 multifamily deals that comprised 169 buildings.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"4b1dc5df-47f1-45d9-b01b-cf0a6e5b0d0a\" data-type=\"interactive\" data-title=\"Q1 2021 NYC Sales Volume &amp;amp; Sales Activity\"><\/div><script>!function(e,i,n,s){var t=\"InfogramEmbeds\",d=e.getElementsByTagName(\"script\")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement(\"script\");o.async=1,o.id=n,o.src=\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\",d.parentNode.insertBefore(o,d)}}(document,0,\"infogram-async\");<\/script>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>And, while the number of buildings sold in Q1 of this year was 29% lower than the same time last year, unit volume dropped at an even more significant rate of 48% Y-o-Y. More precisely, only 2,367 units traded in the first three months of 2021 \u2014 a far cry from the 4,543 sold in Q1 2019 and an even more dramatic drop when compared to the 7,857 sold in Q1 2018.<\/p>\n\n\n\n<p>Pricing, too, continued to trend negatively, with the average price per unit contracting 21% Y-o-Y to slide to $318,704 in Q1 2021. At the same time, the average price per square foot declined 10% Y-o-Y, stabilizing at $400\/sq. ft \u2013 the lowest Q1 price indicators since 2017. Then, in February 2021, both the average price per unit ($257,106) and the average price per square foot ($305) bottomed out, dropping to levels not seen in at least 50 months.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"ae9dd9ae-4c3a-4d01-ba99-72bf906d8cb1\" data-type=\"interactive\" data-title=\"Q1 2021 NYC Price \/ SQ FT\"><\/div><script>!function(e,i,n,s){var t=\"InfogramEmbeds\",d=e.getElementsByTagName(\"script\")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement(\"script\");o.async=1,o.id=n,o.src=\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\",d.parentNode.insertBefore(o,d)}}(document,0,\"infogram-async\");<\/script>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>In the meantime, with sales and pricing indicators so depressed, the city\u2019s multifamily sales volume was unavoidably reduced, as well, for a dramatic drop of 62% Y-o-Y. All in all, the city registered only $661 million in multifamily sales during the first three months of 2021, approaching historic low sales volumes. (Q2 2020 claimed that unfortunate distinction with a mere $450 million in sales.) By comparison, in Q1 2020, Brooklyn alone registered $571 million in multifamily sales, while Manhattan stood at $921 million.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"8ddd343e-c4f1-41b6-89ad-73bfce6d58bf\" data-type=\"interactive\" data-title=\"Quarterly NYC Sales Volume\"><\/div><script>!function(e,i,n,s){var t=\"InfogramEmbeds\",d=e.getElementsByTagName(\"script\")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement(\"script\");o.async=1,o.id=n,o.src=\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\",d.parentNode.insertBefore(o,d)}}(document,0,\"infogram-async\");<\/script>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Even the quarter\u2019s top deals reflected the NYC multifamily sector\u2019s struggle. For instance, Q1 2020\u2019s most expensive deal fetched $380 million. Conversely, in Q1 2021, the city\u2019s priciest deal traded for a mere $22,875,000. Inked in January, NYC\u2019s most expensive multifamily sale involved two turn-of-the-century walk-ups in Greenwich Village: <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/7010\/140-W-4-St-New-York-NY-10012\/\" target=\"_blank\" rel=\"noreferrer noopener\">140 W. 4th St.<\/a> and <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/7009\/142-W-4-St-New-York-NY-10012\/\" target=\"_blank\" rel=\"noreferrer noopener\">142 W. 4th St<\/a>. Manhattan also claimed the city\u2019s third- and fourth-priciest deals, as well, with the $21.5 million sale of <a href=\"\/\/www.propertyshark.com\/mason\/Property\/31657\/61-W-104-St-New-York-NY-10025\/\" target=\"_blank\" rel=\"noreferrer noopener\">63 W. 104 St.<\/a> in Manhattan Valley and the $18.1 million sale of <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/24822\/1414-York-Ave-New-York-NY-10021\/\" target=\"_blank\" rel=\"noreferrer noopener\">1414 York Ave.<\/a> in Lenox Hill.<\/p>\n\n\n\n<p>The second-priciest multifamily deal in Q1 went to Brooklyn with the $22.48 million sale of <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/171524\/691-Marcy-Ave-Brooklyn-NY-11216\/\" target=\"_blank\" rel=\"noreferrer noopener\">689 Marcy Ave.<\/a> in Bedford-Stuyvesant. Brooklyn also landed the fifth-most expensive transaction with the $15 million sale of <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/145803\/70-Prospect-Park-W-Brooklyn-NY-11215\/\" target=\"_blank\" rel=\"noreferrer noopener\">70 Prospect Park W.<\/a> in Park Slope. Overall, the city\u2019s five most expensive deals represented 15% of the total multifamily sales volume for Q1.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Manhattan_Sales_Volume_Falls_70_Y-o-Y_Sales_Activity_Down_25_Y-o-Y\"><\/span><strong>Manhattan Sales Volume Falls 70% Y-o-Y, Sales Activity Down 25% Y-o-Y<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The <a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/manhattan\/\" target=\"_blank\" rel=\"noreferrer noopener\">Manhattan multifamily<\/a> market \u2014 usually the hottest of the four boroughs \u2014 was hit the hardest by the pandemic. Here, the number of sales in Q1 2021 was down 25% Y-o-Y, with 39 deals closed in the first three months of the year as opposed to 52 during the same time period last year. <\/p>\n\n\n\n<p>Moreover, the slowdown of Manhattan\u2019s multifamily market was even more evident when looking at the number of buildings sold \u2014 43 in Q1 2021 versus 76 in Q1 2020 for a 43% Y-o-Y drop \u2014 and the number of units traded: 780 at the start of 2021 versus 1,890 in the first three months of 2020.<\/p>\n\n\n\n<p>That sharp drop in transactional activity was also starkly evident in Manhattan\u2019s Q1 sales volume, which came in at a mere $277 million \u2014 70% less than during the same period last year. Unsurprisingly, the average price per unit was also on the decline, contracting 22% Y-o-Y to close Q1 2021 at $446,451. The only positive change in multifamily indicators was observed in the borough\u2019s average price per square foot, which ticked up 4% Y-o-Y to $634\/sq. ft.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"40fd82e5-7e3b-4576-8b5f-0a6830254c91\" data-type=\"interactive\" data-title=\"Q1 2021 Manhattan Sales Volume &amp;amp; Sales Activity\"><\/div><script>!function(e,i,n,s){var t=\"InfogramEmbeds\",d=e.getElementsByTagName(\"script\")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement(\"script\");o.async=1,o.id=n,o.src=\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\",d.parentNode.insertBefore(o,d)}}(document,0,\"infogram-async\");<\/script>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>However, one aspect of the NYC multifamily market remained unchanged: Yet again, Manhattan was the location of the city\u2019s top multifamily deal \u2014 even if the $22,875,000 price tag commanded by the two-building deal at <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/7010\/140-W-4-St-New-York-NY-10012\/\" target=\"_blank\" rel=\"noreferrer noopener\">140 W. 4th St.<\/a> and <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/7009\/142-W-4-St-New-York-NY-10012\/\" target=\"_blank\" rel=\"noreferrer noopener\">142 W. 4th St<\/a>. was a far cry from the borough\u2019s typically much-pricier multifamily sales. Manhattan\u2019s second- and third-most expensive deals were the $21.5 million sale of <a href=\"\/\/www.propertyshark.com\/mason\/Property\/31657\/61-W-104-St-New-York-NY-10025\/\" target=\"_blank\" rel=\"noreferrer noopener\">63 W. 104th St<\/a>. and the $18.1 million <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/24822\/1414-York-Ave-New-York-NY-10021\/\" target=\"_blank\" rel=\"noreferrer noopener\">1414 York Ave<\/a>. Notably, these were also the third- and fourth-priciest deals recorded in NYC in Q1.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Brooklyn_Prices_Trend_Down_Across_the_Board_Average_Price_Per_Unit_Contracts_103K_Y-o-Y\"><\/span><strong>Brooklyn Prices Trend Down Across the Board, Average Price Per Unit Contracts $103K Y-o-Y<\/strong><strong><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Brooklyn claimed some of the most expensive deals in the city, as well, with the $22.48 million sale of <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/171524\/691-Marcy-Ave-Brooklyn-NY-11216\/\" target=\"_blank\" rel=\"noreferrer noopener\">689 Marcy Ave<\/a>. and the $15 million sale of <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/145803\/70-Prospect-Park-W-Brooklyn-NY-11215\/\" target=\"_blank\" rel=\"noreferrer noopener\">70 Prospect Park W<\/a>. ranking not only as the borough\u2019s top two deals, but also as the second- and fifth-priciest in the city overall. Brooklyn\u2019s top three was rounded out by the $8.6 million sale of <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/141212\/441-1-St-Brooklyn-NY-11215\/\" target=\"_blank\" rel=\"noreferrer noopener\">441 1<sup>st<\/sup> St<\/a>., an eight-unit building in Park Slope.<\/p>\n\n\n\n<p>Totaling $46.1 million, Brooklyn\u2019s top three deals represented 19% of the borough\u2019s total sales volume for Q1 2021. At $241 million, Brooklyn\u2019s sales volume was 58% lower than year-ago figures, representing the second-steepest drop after Manhattan. That sharp drop was the result of contracting prices and depressed sales activity.<\/p>\n\n\n\n<p>Specifically, <a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/brooklyn\/\" target=\"_blank\" rel=\"noreferrer noopener\">Brooklyn<\/a> saw 72 deals close in Q1 2021, just 14% less than in Q1 2020. Included in those sales were 78 buildings \u2014 only 10% fewer than in early 2020. However, the properties traded during the first three months of this year comprised 836 units as opposed to the 1,222 that changed hands in early 2020, resulting in a 32% Y-o-Y drop in the number of multifamily units traded in Brooklyn.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"68e2704b-372f-4ccc-a3f5-13101c8a1495\" data-type=\"interactive\" data-title=\"Q1 2021 Brooklyn Sales Volume &amp;amp; Sales Activity\"><\/div><script>!function(e,i,n,s){var t=\"InfogramEmbeds\",d=e.getElementsByTagName(\"script\")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement(\"script\");o.async=1,o.id=n,o.src=\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\",d.parentNode.insertBefore(o,d)}}(document,0,\"infogram-async\");<\/script>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Meanwhile, prices were on a downward slope, as well, with the average price per unit and per square foot both registering the sharpest rates of decline of all four boroughs. Specifically, Brooklyn\u2019s $379 average price per square foot in the first quarter of this year was 21% lower than the first three months of 2020. Similarly, the average price per unit contracted at a slightly sharper rate of 24% Y-o-Y to stabilize at $330,618 \u2014 $103,000 less than in Q1 2020.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Queens_Sales_Activity_Volume_Experience_Least-Sharpest_Rate_of_Decline_Among_the_Four_Boroughs\"><\/span><strong>Queens Sales Activity &amp; Volume Experience Least-Sharpest Rate of Decline Among the Four Boroughs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The <a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/queens\/\" target=\"_blank\" rel=\"noreferrer noopener\">Queens multifamily<\/a> market fared somewhat better under the pandemic\u2019s sustained pressure, closing 30 sales in Q1 2021 \u2014 just 9% fewer than in Q1 2020. However, multifamily deals targeted fewer buildings and fewer units during the first three months of this year than during the same timeframe last year. To be precise, 32 properties comprising 422 units changed hands here in Q1 2021, resulting in a 30% Y-o-Y drop in the number of buildings sold and a 32% Y-o-Y drop in the borough\u2019s unit volume.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"db7b981e-478b-48ee-b5d5-7746735f529e\" data-type=\"interactive\" data-title=\"Q1 2021 Queens Sales Volume &amp;amp; Sales Activity\"><\/div><script>!function(e,i,n,s){var t=\"InfogramEmbeds\",d=e.getElementsByTagName(\"script\")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement(\"script\");o.async=1,o.id=n,o.src=\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\",d.parentNode.insertBefore(o,d)}}(document,0,\"infogram-async\");<\/script>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Pricing trends were on a downward slope here, too, with the average price per unit stabilizing at $210,755 \u2014 19% lower than in Q1 2020 for a difference a of $50,000 per unit. Contracting 16% Y-o-Y, Queens\u2019 average price per square foot closed Q1 at $271, a significant departure from the $400 per square foot that it commanded back in Q1 2019. Declining pricing trends, paired with the slowdown in sales activity, pulled the borough\u2019s sales volume down 40% Y-o-Y \u2014 a significant contraction that, nevertheless, was the least-sharpest rate of decline among the four boroughs.<\/p>\n\n\n\n<p>All in all, Queens closed Q1 of this year with $93,293,000 in multifamily sales, 42% of which was represented by the borough\u2019s top three priciest deals. At $14.8 million, <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/962478\/12-26-30-Ave-Queens-NY-11102\/\" target=\"_blank\" rel=\"noreferrer noopener\">12-26 30<sup>th<\/sup> Ave.<\/a> in Old Astoria was the most expensive multifamily sale in Queens; followed by the $12.6 million sale of <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/433712\/62-82-Saunders-St-Queens-NY-11374\/\" target=\"_blank\" rel=\"noreferrer noopener\">62-82 Saunders St.<\/a> in Rego Park; and 22-88 Mott Ave. in Far Rockaway, which changed owners for $12,035,000 back in early January.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bronx_Pricing_Fairly_Steady_but_Sharp_Decline_in_Sales_Fuels_55_Y-o-Y_Drop_in_Sales_Volume\"><\/span><strong>Bronx Pricing Fairly Steady, but Sharp Decline in Sales Fuels 55% Y-o-Y Drop in Sales Volume<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Pricing remained more stable in <a href=\"https:\/\/www.propertyshark.com\/cre\/commercial-real-estate\/us\/ny\/bronx\/\" target=\"_blank\" rel=\"noreferrer noopener\">the Bronx<\/a>, with the average price per square foot here declining just 3% Y-o-Y to hit $170. Likewise, the average price per unit ticked up 1% Y-o-Y, going from $154,999 in Q1 2020 to $156,112 in the first quarter of this year. But, transactional activity was nearly halved: The Bronx registered only 16 multifamily deals in Q1 of this year \u2014 43% fewer than during the same time period last year.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"32653d16-a6a2-4ea8-bcb4-28ebeb5049dc\" data-type=\"interactive\" data-title=\"Q1 2021 Bronx Sales Volume &amp;amp; Sales Activity\"><\/div><script>!function(e,i,n,s){var t=\"InfogramEmbeds\",d=e.getElementsByTagName(\"script\")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement(\"script\");o.async=1,o.id=n,o.src=\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\",d.parentNode.insertBefore(o,d)}}(document,0,\"infogram-async\");<\/script>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Furthermore, those 16 deals comprised 16 buildings \u2014 45% fewer than in Q1 2020. Here, too, investors seemed to have reoriented toward smaller properties, with the borough\u2019s Q1 unit volume totaling a mere 329 units \u2014 60% fewer than the same period last year. Along the same lines, the three most expensive multifamily sales in the Bronx totaled 143 units at the start of this year, as opposed to the 210 units that comprised the borough\u2019s three priciest sales in Q1 2020.<\/p>\n\n\n\n<p>Specifically, the Bronx\u2019s top deals in Q1 2021 were the $10.8 million sale of <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/945554\/1971-Webster-Ave-Bronx-NY-10457\/\" target=\"_blank\" rel=\"noreferrer noopener\">1971 Webster Ave.<\/a>, a 69-unit building in Fordham; followed by the $5,675,000 sale of the 49-unit&nbsp; <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/62698\/2775-Morris-Ave-Bronx-NY-10468\/\" target=\"_blank\" rel=\"noreferrer noopener\">2775 Morris Ave<\/a>. in Bedford Park; and the 25-unit <a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/40653\/260-Brook-Ave-Bronx-NY-10454\/\" target=\"_blank\" rel=\"noreferrer noopener\">260 Brook Ave<\/a>. in Mott Haven, which changed owners for $5 million. Totaling close to $21.5 million, the three priciest sales made up 44% of the borough\u2019s total Q1 sales volume. Coming in at $49,275,000, the Bronx\u2019s multifamily sales volume for Q1 2021 was 55% lower than the $110 million totaled in Q1 2020.<\/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 this Q1 2021 multifamily snapshot, we considered all multifamily building sales registered through deeds between January 1 and March 31 in 2017, 2018, 2019, 2020 and 2021, 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","protected":false},"excerpt":{"rendered":"<p>For the NYC multifamily sector, the downturn brought on by the pandemic was just another hit to an already cooled-down market.<\/p>\n","protected":false},"author":49,"featured_media":39919,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[389,349,89,328,373],"tags":[494,9],"class_list":["post-42243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bronx-real-estate","category-brooklyn-real-estate","category-manhattan-real-estate","category-new-york-real-estate","category-queens-real-estate","tag-commercial-real-estate","tag-multifamily"],"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 Report Q1 2021 | PropertyShark<\/title>\n<meta name=\"description\" content=\"For the NYC multifamily sector, the downturn brought on by the pandemic was just another hit to an already cooled-down market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2021\/04\/24\/nyc-multifamily-sales-q1-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NYC Multifamily Sales Volume Down 62% in Q1 as Slumping Rents &amp; 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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. Reach her at eliza.theiss@yardi.com","url":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/author\/eliza\/"}]}},"jetpack_featured_media_url":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2021\/04\/Multifamily-featured-Q1-2021.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/posts\/42243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/users\/49"}],"replies":[{"embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/comments?post=42243"}],"version-history":[{"count":1,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/posts\/42243\/revisions"}],"predecessor-version":[{"id":42245,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/posts\/42243\/revisions\/42245"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/media\/39919"}],"wp:attachment":[{"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/media?parent=42243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/categories?post=42243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/tags?post=42243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}