The multifamily market overwhelmingly drove transaction volume in New York City last year. In 2020, the market had a total of 1,251 transactions, and multifamily accounted for 391 of those deals. This data is from a new B6 Real Estate Advisors Market Insights Report, which takes a close look at the market activity last year.

Overall, transaction volumes in the market declined significantly during the pandemic. By the end of 2020, there was a 30% decline in year-over-year transactions and a 50% decline from the five-year average. Unsurprisingly, the first quarter had the strongest transaction volume. From the first quarter to the second quarter, which marked the onset of the pandemic, transaction volumes fell 48%, the second largest quarter-over-quarter drop in 40 years. For the remainder of the year, transaction volumes totaled an average of 250 deals each quarter.

While multifamily activity certainly helped boost the numbers, transaction activity fell short with sales volumes down 19% from 2019 and 56% from 2018. Mixed-use properties came in second with 296 total transactions, followed by retail with 137 total deals. Office and hospitality had the lowest deal numbers at 58 and 8 for the year, respectively.