NYC apartment sales soften as rent control spooks investors

2019-07-18T16:50:00-04:00

In the first half of 2019, New York City apartment building sales fell 48% from the same period a year earlier, B6 said in a report. It was the biggest decline for any six-month period in data going back to 2009. In northern Manhattan, which includes Harlem, the drop in multifamily purchases led to a 61% slide in all commercial-property transactions, the firm said.

Across New York City, as the effects of the New York State's recently-enacted rent control laws begin to take shape, apartment building owners are having a tough time finding investors to purchase their properties.

According to Bloomberg, apartment building sales are down nearly 50-percent for the first half of 2019 over the prior year.

“Right now, it’s a shot in the dark on the multifamily side,” Adrian Mercado, chief information officer at B6 Real Estate Advisors, told Bloomberg, adding, “People are speculating as to what buildings should be trading at.”

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NYC apartment sales soften as rent control spooks investors