New York City’s multifamily market in 2025 saw the number of sale transactions climb 4% year-over-year to 1,188 trades while total dollar volume eased slightly to $8.91 billion, down from $9.1 billion in 2024, according to Ariel Property Advisors’ Multifamily Year In Review New York City 2025. Free market buildings led multifamily sales citywide last year, accounting for 66% of dollar volume and 48% of transactions.
Rent stabilized assets followed in deal frequency (47%) while trailing in value (20%), according to Ariel. Affordable housing rounded out the market, with 13% of dollar volume and 6% of transactions.
“In 2025, the numbers tell the story,” said Shimon Shkury, president and founder of Ariel. “Capital rewarded free-market housing with rising valuations, affordable housing remained active through strong public-private alignment and rent-stabilized assets traded at steep discounts as NOI eroded under policy and cost pressures.”
The rent-stabilized sector continued to grapple with regulations, rising costs and mortgage maturities at higher rates. Compared to valuations before the Housing Stability & Tenant Protection Act passed in 2019, the average price per unit in rent-stabilized buildings fell in every submarket, with some assets trading for discounts of 70% to 90%.
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