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Multifamily Year In Review: New York City | 2016
2016 NYC Multifamily Report:
Outer-Borough Prices Up, Transactions Fall
The New York City multifamily market saw transactions fall to a five-year low in 2016, while prices registered double-digit gains in the outer boroughs. Queens saw its highest dollar volume on record, with prices appreciating more than any other sub-market. Manhattan, contrary to previous years, lagged, with prices nearly unchanged.
For the year, the New York City multifamily market saw 656 transactions comprised of 1,120 buildings totaling $14.05 billion. Last year’s transaction and building volume were down 18% and 21%, respectively. While dollar volume dropped 26% on an annual basis, it increased 4% when the largest deal of 2015, Blackstone’s $5.5 billion purchase of Stuyvesant Town, is omitted.