120. NYC Multifamily 2025: Valuations, Policy Pressure & Liquidity Ahead featuring Victor Sozio & Matt Swerdlow

Shimon Shkury, President and Founder of Ariel Property Advisors, Victor Sozio, Founding Partner, and Matt Swerdlow, Senior Director in the Capital Services Group, discuss New York City’s multifamily market and the findings of Ariel Property Advisors’ Multifamily Year In Review New York City 2025.

Highlights include:

• Total dollar volume was relatively unchanged year-over-year, totaling $8.91 billion in 2025 compared to $9.1 billion in 2024.
• Free market buildings led multifamily sales citywide, accounting for 66% of dollar volume and 48% of transactions. Rent stabilized assets followed in deal frequency (47%) but trailed in value (20%), while affordable housing rounded out the market with 13% of the volume and 6% of transactions.
• 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. 
• Many banks are focusing on free market transactions, office transactions, retail transactions, and assets that aren’t regulated.
• The multifamily market will see increased liquidity in 2026 as Fannie Mae and Freddie Mac will each have $88 billion to lend for a total of $176 billion.