First the bad news: multifamily transaction volume in New York City in Q1 2023 declined to $2.11 billion, a 39% drop from Q1 2022, Ariel’s Q1 2023 Multifamily Quarter in Review shows. The reason? Higher interest rates coupled with market volatility.
However, while the first quarter volume was lower, from a historical standpoint, it was not far off from what was considered an average over the past decade, specifically pre-pandemic and pre-2019 Housing Stability and Tenant Protection Act (HSTPA).
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