Real Estate Sales in Manhattan Experience Significant Decline in Q1

Sales of rental apartment buildings have dropped by 74% in the first quarter of 2023, the largest annual sales decline for any quarter since the subprime-mortgage crisis. This is due to higher interest rates, regional banking turmoil, and slowing rent growth, which are all affecting demand for these buildings. Investors purchased $14 billion of apartment buildings in the first quarter of 2023, according to a preliminary report by data firm CoStar Group.