In New York City, it’s always challenging to close the sale of a multifamily portfolio. It’s especially challenging in 2019 when the properties are spread across 2 boroughs. The New York Multifamily team of M&M closed such a portfolio of assets in Brooklyn and Queens — a $112,000,000 portfolio of 6 properties representing 423 units and 426,749 square feet. The portfolio ultimately sold to a single buyer. Here’s a look at how this deal came together, and the challenges faced on the path to closing.
NYM GroupMarch 5, 2019
When the 2017 Tax Cuts and Jobs Act passed, accountants, investors, entrepreneurs and others scrambled to understand the implications- for multifamily owners there is one clear benefit, the creation of Qualified Opportunity Zones. This month, I have asked Michael Hurwitz and Abe Schlisselfeld of The Real Estate Group at Marks Paneth LLP to provide some insight about these Qualified Opportunity Zones (“QOZ”).
NYM GroupJanuary 28, 2019
New York City multifamily owners are bombarded with an overwhelming amount of information they need to process. What information really matters? As our team looks at the current environment, we believe 3 trends deserve focus in 2019.
NYM GroupJanuary 11, 2019
Every NYC multifamily portfolio transaction comes with its own unique set of challenges. In some cases, multiple partners own a portfolio, which can make it difficult to gain alignment among the various interests. In others, the buildings are located in separate neighborhoods, making it difficult to find a single buyer. And further, properties within a long-term portfolio often have deferred maintenance, violations or other non-conforming uses, that can impede a sale.
NYM GroupJanuary 8, 2019
