NYC Multifamily Sales Reflect “Two Very Different Markets” in Q2

NYC Multifamily Sales Reflect “Two Very Different Markets” in Q2
News| July 17, 2026| Paul Bubny
New York & Tri-State + Apartment Buildings

New York City multifamily sales totaled $2.46 billion across 298 transactions in the second quarter of 2026, representing a 25% year-over-year increase in dollar volume but 4% decline in transaction volume compared to Q2 2025, Ariel Property Advisors reported. The number of properties traded was down 11% Y-O-Y to 367.

“What we are seeing in the first half of 2026 is a tale of two very different markets, both presenting unique opportunities,” said Shimon Shkury, president and founder of Ariel. “On one side, Manhattan’s free-market sector is showing exceptional strength, rents are up 10% year-over-year, and high-conviction buyers are writing significantly larger checks for supply-constrained assets.

“On the other side, rent-stabilized assets are undergoing a massive, painful valuation reset amidst rising expenses and refinancings at double their original rate. Longtime rent-stabilized owners are exiting, and a new wave of buyers is stepping in to acquire these properties at steep discounts. Meanwhile, affordable housing remains a resilient safe haven, drawing deep institutional demand due to its stable, government-backed income.”

Manhattan below 96th Street fared best in Q2 with a 315% increase Y-O-Y in dollar volume and 21% increase in transaction volume. Conversely, Brooklyn, the Bronx and Queens all saw double-digit declines in dollar volume.

Join the industry’s top multifamily decision-makers at Connect Apartments on September 22 in LA. Hear from the investors, developers, lenders, owners, and advisors shaping today’s apartment market through candid conversations, networking, and market insights. Register today at www.connectapts2026.com.

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