New York City's investment sales reached $23.69 billion across 1,914 transactions1 and 2,496 properties in the first three quarters of 2026, up 9%, 8% and 9% respectively from a year earlier. The first half did the heavy lifting, with first- and second-quarter dollar volume up 36% and 31% year-over-year, before a summer in which the 10-year Treasury climbed from 4.44% at midyear to above 5% in September, its highest level since 20072, and the Federal Reserve raised rates on September 16.
The third quarter totaled $6.73 billion across 614 transactions, the third consecutive quarter-over-quarter decline since the $13.91 billion peak in the fourth quarter of 2025, and down 25.2% from the third quarter of 2025 even as deal count rose 0.7%. The 25.2% decline is mostly the result of a few very large trades last year, led by the $1.08 billion sale of 590 Madison Avenue, and excluding trades of $250 million or more from both quarters, volume rose 4.0%3.
Capital stayed concentrated. Multifamily, development and office together accounted for nearly three-quarters of the city's dollar volume in the first nine months of the year. Multifamily remained the largest class at $6.99 billion, up 7.9% year-over-year, while development rose 10% to $5.24 billion as builders raced to assemble sites under 485-x, and office, at $5.20 billion, sat just 3% below last year's strong pace but more than double its level two years ago. Special purpose was the biggest mover of the first three quarters, up 88% to $1.93 billion on a handful of large ground-lease and institutional trades.