NEW YORK, NY – April 23, 2026 – New York City’s investment sales market recorded $6.8 billion in dollar volume in Q1 2026, up 4% year-over-year and 50% above Q1 2024, across 543 transactions, according to Ariel Property Advisors’ New York City All Asset Investment Sales Report Q1 2026.

"New York City’s investment sales market got off to a robust start in 2026, with dollar volume up 50% from two years ago,” said Shimon Shkury, President and Founder of Ariel Property Advisors. “While we see a clear bifurcation in the multifamily sector—with free-market assets thriving and rent-stabilized portfolios continuing a painful repricing—the broader investment landscape is gaining significant momentum. With development filings hitting a 12-year high in March and institutional conviction returning to the office, hotel and industrial sectors, it is evident that capital is no longer sitting on the sidelines; it is actively positioning for the city's next growth cycle."

Report Highlights

Multifamily

      • Multifamily dollar volume rose 11% year-over-year to $2.36 billion across 322 trades, the highest transaction count of any asset class in Q1.
      • Free-market properties led investment activity with 42% of the dollar volume, while rent-stabilized assets continued repricing with average per-unit values down 45% from pre-HSTPA 2019 levels.
      • The distress in the rent-stabilized space was evident in the sale of the Pinnacle Group’s 5,100-unit portfolio, which entered Chapter 11 in May 2025 and was acquired by Summit Properties for $451.3 million at the end of March.

Development

      • Development dollar volume reached $1.6 billion, up 26% year-over-year, across 90 transactions.
      • The 485-x tax abatement has created urgency for ground-up starts, while the 467-m Tier 1 June 2026 deadline has accelerated conversions.
      • DOB filings reached a 12-year monthly high in March 2026, totaling 11,984 multifamily units, including 11,189 units across 137 new buildings and 795 units across 14 conversion projects.

Office

      • Office sales fell to $1.1 billion, a 28% decline from Q1 2025 but a 480% increase from Q1 2024.
      • SL Green’s $730 million entity-level acquisition of 65 East 55th Street at $1,176/SF and a 5.2% going-in cap rate, represented 66% of total office dollar volume, underscoring the institutional conviction in this sector.
      • Trophy buildings continued to command record rents, including a $327.50/SF lease at 9 West 57th Street.

Hotel

      • Hotel volume rose to $545 million, up 194% from Q1 2025, across four transactions.
      • Significant trades included the 253-key Ritz-Carlton Central Park for ~$270 million and the 264-room NoMo SoHo for $121 million, 40% below its 2015 sale price.
      • Operating fundamentals remain strong, with 66.3 million visitors projected for 2026 and the FIFA World Cup expected to generate $3.3 billion in economic impact.

Retail

      • Retail sales declined by 27% year-over-year to $486.54 million, across 49 transactions.
      • However, in Manhattan retail fundamentals remained firm. The frontage availability rate fell to 14.7%, the lowest since tracking began in 2019, while asking rents rose 2% quarter-over-quarter and 3% year-over-year.
      • Amstar Group’s $129 million acquisition of retail at 515 West 38th Street led the quarter’s activity.

Industrial

      • Dollar volume totaled $412.4 million, up 10% year-over-year, across 51 transactions.
      • Terreno Realty’s $92 million warehouse acquisition in College Point highlights the institutional premium for last-mile positioning.
      • Demand has diversified beyond traditional logistics, with Netflix’s lease at Sunset Pier 94 Studios underscoring the sector’s broadening tenant base.

The full report is available here.