As the New York City multifamily market evolves, management evolves with it. This month, I have asked Rob Morgenstern of Canvas Property Group to provide insights on third-party management for multifamily owners.
NYM GroupApril 10, 2019
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
The secret to long term investing is figuring out how to be active in every market. It’s all about having a “line in the water.” Today, most NYC multifamily investors have been pushed to seek higher yield, and sometimes more risk, in their investments. This has kept pricing very competitive in the value-add segment of the NYC multifamily market, while pricing on repositioned and finished assets have softend since 2015. Some observers call this a “mispricing of risk.”
NYM GroupOctober 4, 2018
While transaction numbers have generally been in NYC, the New York Multifamily team at Marcus & Millichap closed more than $100 million in sales in the back half of summer 2018. With 18 closed sales this summer across Manhattan and the boroughs and another 22 in contract, it was an active summer.
NYM GroupSeptember 21, 2018
Home to some of most coveted real estate in the world, it is no surprise that living in New York City comes with a hefty price tag. What if I were to tell you that there was a way to legally avoid paying market rent for an apartment in the Big Apple, would that be something you might be interested in?
NYM GroupSeptember 18, 2018
New York’s real estate market beats to an entirely different rhythm to any other in the world. Here, we have everything; fast-paced transactions with property which changes hands rapidly sitting next to ancient buildings which have been held by the same families for generations. The recent sale of the a family’s Greenwich Village portfolio perfectly represents the antique side of New York – the low-velocity, long cycle of property which rarely changes hands and are often the architectural and cultural heritage of the city.
NYM GroupAugust 7, 2018
I’ve met countless NYC multifamily owners and entrepreneurs. All types. Those that own 12 units, and others with yuge 5,000-unit portfolios. As a by-product of working with them, I have become a student of their success. They all share similar qualities. Regardless of your stage of life or industry, these habits transcend real estate and have something to teach us all.
NYM GroupJune 20, 2018