New York City multifamily sales surged in Q2 2024, with transactions jumping 108% to $2.83 billion. High interest rates drove this comeback, compelling more sellers to sell or face default. Free-market property prices in Manhattan fell sharply, averaging $532,207 per unit, down from $971,849 a year ago. Notable deals included Michael Stern’s 9 Dekalb Avenue, taken over by Silverstein Capital Partners after foreclosure, and Carlyle Group’s purchase of The Aire for $265 million. Rent-stabilized properties, however, suffered the most, with some selling at discounts up to 60%, as owners struggled with restrictive rent laws and rising interest rates.
Michael Stern’s 9 Dekalb Avenue
