Key Highlights

  • Sales volume dropped from 1,224 in 2018 to 828 in 2019, a 32% drop, according to Property Shark
  • Sales dollars dropped from $11.6B in 2018 to $6.8B, -41%, according to Property Shark
  • Of the 5 boroughs, Manhattan was hardest hit with a -40% decrease in purchase transactions

Owners of rental property had a great 2019 in New York despite new legislation making it much harder for landlords to evict tenants and remove rental units from stabilization. Not so for developers and owners of for-sale owner-occupied properties.

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A latest study from Property Shark discovered that for-sale apartment buildings (those with a minimum of five units selling for a minimum of $100,000/unit) fell -32% from 1,225 in 2018 to 828 in 2019 and sales totals dropped from $11.6B in 2018 to $6.8B in 2019. (Sales within the borough of Manhattan excluded Staten Island, too few units, and within families in this study.)

Here is a summary of Property Shark’s findings that reflect 2019 apartment building sales comparisons between 2018-2019:

New York City Overall

  • Number of Sales in 2018 – 1,225
  • Number of Sales in 2019 – 828
    • 2018-2019 Change = -32%
  • Total Sales Values in 2018 – $12B
  • Total Sales Values in 2019 – $7B
    • 2018-2019 Change = -42%

Manhattan       

  • Number of Sales in 2018 – 365
  • Number of Sales in 2019 – 218
    • 2018-2019 Change of Sales Numbers = -40%
  • Total Sales Values in 2018 – $5.66B
  • Total Sales Values in 2019 – $3.63B
    • 2018-2019 Change of Sales Values = -36%

Brooklyn

  • Number of Sales in 2018 – 443
  • Number of sales in 2019 – 301
    • 2018-2019 Change of Sales Numbers = -32%
  • Total Sales Values in 2018 – $3.28B
  • Total Sales Values in 2019
    • 2018-2019 Change of Sales Values = -49%

Queens

  • Number of Sales in 2018 – 170
  • Number of Sales in 2019 – 154
    • 2018-2019 Change of Sales Numbers = -9%
  • Total Sales Values in 2018 – $1.54B
  • Total Sales Values in 2019 – $0.62B
    • 2018-2019 Change of Sales Value = -60%

Bronx

  • Number of Sales in 2018 – 247
  • Number of Sales in 2019 – 155
    • 2018-2019 Change of Sales Numbers = -37%
  • Total Sales Value in 2018 – $1.13B
  • Total Sales Value in 2019 – $0.89B
    • 2018-2019 Change of Sales Value = -21%

 

Thanks to Property Shark and the New York Times’ Michael Kolomatsky for source data.

Also read: Lux Sales in Hamptons Drop to 6-Year Low