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4/27/2023: Episode 72 - Free Market Buildings Power NYC Multifamily Sales in Q1 2023 featuring Victor Sozio
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On his latest podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, welcomes Ariel Partner Victor Sozio and explores first quarter trends in the multifamily market. Dollar volume totaled $2.11 billion in Q1 2023, a 39% drop year-over-year, and predominantly free market buildings accounted for 78% of the sales. Headwinds discussed include bank closures, which are causing a credit crunch, rising operating costs for rental buildings and the failure of Albany to pass key legislation that would help alleviate NYC’s housing shortage. For more information about the multifamily market, see Ariel’s Q1 2023 Multifamily Quarter in Review New York City.
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