Q3 2021 Multifamily Sales Figures
In New York City, investment sales were dominated by multifamily properties in the third quarter of 2021. More than half of the 498 overall transactions for real estate investment sales involved apartment buildings during this time, and 281 total deals accounted for $3.2 billion in sales. These figures show a quick rebound from points during the pandemic where renters moved away from the city and into quieter suburbs. This quarter even saw increases in government-subsidized multifamily affordable housing properties being sold, a trend that is expected to continue.
Comparisons to Sales Figures from 2020
During the height of the pandemic, New York City real estate suffered significantly. Vacancies appeared in previously unavailable places, while rental rates decreased, and real estate became much more available to buyers. The dollar volume of the multifamily sector is more than three times what it was a year ago. Rental units now come with fewer concessions and are less available than they were at this point in 2020. Some apartment rents have even higher points than what they were before the pandemic started. Office spaces, however, have continued to suffer in New York City, continuing a downward trend from a year ago where working from home became the norm. Aside from some investment from tech companies in office spaces and buildings in the city, office sales overall are at a 44% decrease from a year ago. Only 15 office transactions were recorded in the third quarter of 2021.
What to Do If You're Looking to Purchase Multifamily Real Estate
If you're looking to purchase multifamily real estate, it can be very helpful to have an attorney's help. An attorney can help you assess your desired property, determine its earning potential, and draft your purchase contract. If you are facing eviction, foreclosure, or have other real estate questions, then call us so we can help!
Get Professional Assistance
To schedule a consultation with an experienced attorney at The Law Offices of Melvin Monachan, call us at (347) 389-1682 or contact us online.