No co-op sales recorded yesterday, third day in row at very low levels

There were no cooperative sales recorded in Acris yesterday, which is extremely unusual. In addition, Tuesday was the third consecutive day with fewer than five transfers recorded. There were only two on Monday (both for sales at Extell Development’s Brooklyn Point at 138 Willoughby Street) and five on Friday. The average for September was 706 per day.

This dearth of filings follows a two-week slowdown of Acris filings of nearly all types by nearly 90 percent from mid-September through the end of the month, as PincusCo reported last month.

The lack of co-op filings is in stark contrast to the number of deed filings of all types including residential condos, which has returned to a normal volume in recent days.

The New York City Department of Finance never responded to multiple requests for comments. Several industry sources said the department had fallen behind in recording Acris documents, and the agency in mid-September was installing a new indexing system that would use artificial intelligence to improve functionality.

It is unclear why there have been no co-op transfers recorded over the past few days, but it is unlikely that there were simply no transfers to record.

-Adam Pincus