By Lev Mavashev, Managing Principal, Alpha Realty
As we wrap up the third quarter of 2025, I want to share my reflections on where the New York City multifamily market stands and where I believe it’s heading. At Alpha Realty, we’ve been on the front lines of this evolving market, and what we’re seeing is both challenging and promising.
The NYC Multifamily Market Is Prioritizing Quality Over Quantity
Transaction volume across NYC dipped 16.5% from Q2, yet total dollar volume surged by 47.1% quarter-over-quarter and 44.6% year-over-year. This tells me one thing clearly: buyers are going bigger. Institutional capital is leaning into scale and quality, and large multifamily assets (20+ units) accounted for a staggering $1.7 billion in volume this quarter, more than double the total from Q3 last year.
Queens Is Emerging — and Fast
Queens led the boroughs in growth, with a 34.3% increase in deal count year-over-year. Transaction volume hit 47 deals, and dollar volume rose nearly 50% YoY. The borough’s mix of affordability, strong demographics, and improving infrastructure is attracting both institutional and private investors. This is a trend I expect to continue, and Alpha Realty is positioning to capture more market share there.
Manhattan Is Seeing a Flight to Scale
In Manhattan, while the number of deals was modest (63 total), dollar volume skyrocketed to $1.6 billion — a 282% jump from last quarter. This was almost entirely driven by institutional-grade, large-asset trades. These are trophy assets trading at a premium, and they reflect a clear investor confidence in Manhattan’s long-term fundamentals.
Brooklyn’s Mid-Market Pulse
Brooklyn’s volume dropped 24% QoQ, but deal count rose 11% YoY — and that’s where our team has been incredibly active. Alpha Realty was proud to facilitate two major 5-building portfolio trades in neighborhoods like Park Slope and Bed-Stuy. What we’re seeing here is a shift back to value: smaller deals are leading the way, especially among local and private investors.
The Bronx Recalibrates
After a red-hot Q2, The Bronx cooled down in Q3 — but activity is still above last year’s levels. Large buildings (20+ units) continued to dominate, and we’re seeing savvy buyers quietly take positions in AEP properties and rent-stabilized assets at compelling price-per-unit metrics.
Looking Ahead
As we enter the final stretch of 2025, I’m optimistic. Rates remain elevated, but that’s forcing a healthier recalibration. Buyers are more disciplined, sellers are more realistic, and brokers like us are thriving by staying sharp, transparent, and fast. At Alpha Realty, we’re not chasing headlines — we’re chasing results.
If you’re a property owner considering a sale, or an investor exploring this shifting landscape of the NYC multifamily market, let’s talk.
Lev Mavashev
Managing Principal
Alpha Realty
📞 (212) 658-0955
📧 [email protected]