Q1 2020 MARKET OVERVIEW NEW YORK CITY Q1 2020 New York City Multifamily Market Overview DeSophy, LLC New York, NY + 1.917.250.8713
[email protected] NYC Multifamily Report Q1 2020 / by Desophy Q1 2020 MARKET OVERVIEW NEW YORK CITY THE STAGNATION OF ACTIVITIES ON THE MULTIFAMILY MARKET CONTINUES IN Q1 2020 The dollar volume decrease of 10% is noticeable between Q1 2020 and Q4 2019, with 241 sales for a combined $2 billion. These numbers are in line with the long-term tendency of decline. Pricing remains relatively strong, ranging from $230 per square foot in the Bronx up to $1,102 per square foot in Manhattan, while the cap rates have relatively risen, ranging from 4.02 % in Manhattan up to 5.68 % in the Bronx, respectively. The number of sales also have increased in this quarter over last, by 39%. NYC Q1 2020 / DOLLAR VOLUME NYC Q1 2020 / SALES VOLUME 43% | Manhattan 15% | Manhattan THE MOST ACTIVE 10% | N. Manhattan NEIGHBORHOOD IN Q1 2020 10% | N. Manhattan WAS NOMAD, WITH $380 30% | Brooklyn $ 46% | Brooklyn 241 MILLION IN DOLLAR VOLUME 10% | Queens 2B AND THE AVERAGE PRICE 19% | Queens PER SQUARE FOOT AT $934. 7% | The Bronx 43+10307 10% | The Bronx 15+104619 Here presented are the results of the data analysis regarding multifamily market transactions in all of the NYC boroughs. The sample is based on transactions that were recorded in ACRIS, and it covers the period between January and April of 2020. Collected data were then subjected to detailed analysis and verification to obtain credible results with the use of the comparative method.