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Multifamily Quarter In Review: New York City | Q3 2024

Following a robust second quarter, sales activity in New York City's multifamily market slowed in the third quarter with dollar volume declining by 17% quarter-over-quarter to $2.33 billion and transactions falling by 16% to 248, according to Ariel Property Advisors’ Q3 2024 Multifamily Quarter in Review New York City.

Research Reports

Through periodically released market reports, our investment research professionals strive to provide our sales staff, clients and the real estate community with the latest market information. By keeping data at the heart of our platform, we are committed to providing investors with the right set of facts about market trends and economic indicators when making important investment decisions.


Our team has developed a proprietary database to track, monitor and store every piece of market information that crosses our desk. As a result, we have centralized the relevant data and use it to generate real time market reports and analyses for our clients. We share this data through several tools on our website, such as the Landlord Dashboard.


Our research professionals also produce popular New York City multifamily market reports on a monthly and quarterly basis. Browse the tabs below to learn more about activity and trends in the broader metropolitan area as well as individual boroughs.

Neighborhood Reports
The Effects of the Rezoning

Midtown East is the epitome of what everyone around the world pictures when they think of New York City. It is home to iconic skyscrapers, world-renowned shopping and one of the most highly concentrated business districts in the world.

125th Street Corridor Developments

Comprehensive rezoning of 125th Street in 2008 provided a means for the eventual development of 1.8 million square feet of commercial office, hotel, retail and residential space.

​Next Stop: Queens | The Effect of the East-Bound 7-Train

​This report delves into the chase for affordability and subsequent development of neighborhoods that line the Queens-bound 7-train.

Hudson Yards: Building a Neighborhood from the Ground Up

For decades, the Far West Side of Manhattan existed not so much as an actual neighborhood, but as an area dedicated to industry, namely the West Side Rail Yard.

Belmont: A Cultural Destination

Belmont is a quaint, old-fashioned neighborhood in the Bronx. Its centralized location, demographic, and lack of a nearby subway system, makes this neighborhood a unique area to analyze.

Bushwick: Rebuilt for the Future

For better or worse, Bushwick has earned notoriety over the years as a hotbed of activity. In decades past, a large part of this activity was not positive—rampant drugs, gangs, and arson—and either in the headlines, or simply accepted as part of the culture.

What can the East Village learn from the West Village?

Comparing and contrasting the West Village’s rise as a cosmopolitan residential area, to the lagging East Village, the report examines how the East Village can leverage its existing characteristics to reach the same heights.

Gowanus: Status Pending

Nestled between two prime residential neighborhoods, Carroll Gardens and Park Slope, Gowanus has, in recent years, become the object of a speculative boom which has been fueled by a number of factors.

Jamaica: New York City’s Next Regional Center

A flurry of residential, retail and hotel developments in the area coupled with public investment has been a catalyst for growth in Jamaica.

Mott Haven: Shaping the South Bronx

An in-depth analysis of the developments in progress, why this area has seen so much development activity, and what the future holds.

The Revitalization of the Financial District

Exploring the changing landscape of the Financial District, including the rising residential market, expanding retail destinations, and changing office environment.

NYC Market Reports
  • NEW YORK CITY
  • NORTHERN MANHATTAN
  • MANHATTAN
  • BROOKLYN
  • THE BRONX
  • QUEENS
  • STATEN ISLAND
Click on the cover image below to download a complimentary copy of a report.

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Northern Manhattan 2014 Year-End Sales Report

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Methodology

Ariel Property Advisors produces comprehensive research reports using a methodology that includes investment property sales data collected from various reliable sources, select trades that meet a defined set of criteria and, when transaction reporting lags, projections based on an average of daily sales throughout the year.

Data collection

  • Property transfers are collected through ACRIS and PropertyShark each week, vetted by the research team, and cross-checked with news articles
  • Information obtained from third-party sites, along with news articles
  • Information from appraisers and brokers on sales not yet publicized

Projections

  • Sales are averaged on a per-day basis throughout the year and projected as such
  • The assumed ACRIS transfer lag time is 30 days -if final data collection is December 31st, we are projecting the sales that will eventually surface from December 17th-31st

Criteria

Sub-Market Reports
  • Minimum sales price of $1mm
  • Does not include city transactions, internal sales, notes & ground leases
  • Location Definitions:
    • Manhattan - South of East 96th Street and South of West 110th Street
    • Northern Manhattan - North of East 96th Street, North of West 110th Street
    • The Bronx - Bronx Borough
    • Brooklyn - Brooklyn Borough
    • Queens - Queens Borough
Multifamily Reports
  • Effective 1/1/2023 - The Multifamily Research Reports consider the following property type classifications and equivalents of (C1, C2, C4, C5, C6, C7, C8, C9, D0, D1, D2, D3, D4, D5, D6, D7, D8, D9, R0, R1, R2, R3, R4, R6, R9, RC, RD, RM, RR, S0, S1, S2, S3, S4, S5, S9). The Multifamily Unit Status considered only transactions that contain at least 10 residential units.
  • Prior to 1/1/2023 - The Multifamily Research Reports considered only transactions that contain at least 10 residential units.
  • Minimum sales price of $1mm
  • Does not include city transactions, internal sales, notes & ground leases
  • Location Definitions:
    • Manhattan - South of East 96th Street and South of West 110th Street
    • Northern Manhattan - North of East 96th Street, North of West 110th Street
    • The Bronx - Bronx Borough
    • Brooklyn - Brooklyn Borough
    • Queens - Queens Borough
  • Multifamily Unit Status Definitions
    • Rent-stabilized unit: Any unit deemed as rent-stabilized per the building’s RPIE filings
    • FM (including 421a): Any building where the percentage of rent-stabilized units is 25% or less of the total amount of residential units or if the building has an active 421a tax exemption or abatement
    • 25% - 50% RS: Any building where the percentage of rent-stabilized units is more than 25% and less than 50% of the total amount of residential units
    • 50% - 75% RS: Any building where the percentage of rent-stabilized units is more than 50% and less than 75% of the total amount of residential units
    • 75+% RS: Any building where the percentage of rent-stabilized units is more than 75% of the total amount of residential units
    • Buildings with Reg Agreement: Any building with an active regulatory agreement with an affordable housing agency

The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.