A recent report from Ariel Property Advisors found that New York City’s multifamily property market experienced a dramatic slowdown in the first half of 2019. Transaction volume slid to an eight-year low, according to preliminary numbers from the firm’s Multifamily Mid-Year In Review.

From January through June, New York City saw $3.3 billion of sales and 158 transactions spread across 210 buildings, representing declines of 48 percent, 29 percent, and 56 percent, respectively, compared to the second half of 2018. On an annualized basis, sales volume stood at its lowest since 2011.

The firm expects pricing for most multifamily assets to go down. But some properties will be only slightly affected, while others won’t be affected at all, such as free-market buildings, old 421-a rental buildings, and some affordable housing multifamily assets.