Wall Street will sell you SpaceX at a $1.75 trillion valuation on roughly $18.7 billion of revenue. That’s almost 100 times revenue for a company that lost nearly $5 billion last year. Meanwhile, rent-stabilized apartment buildings in New York City are trading around 5 times gross rent roll. Comparable metric. One is priced at 5x. The other at 100x. And the one at 5x is the one people are afraid to buy. What SpaceX is actually asking you to believe.   SpaceX wrote in its own S-1 filing that it…

From the early 90’s until June of 2019, NYC real estate only got better. There were a couple of bumps along the way, but those were relatively short lived. Enter HSTPA and owners need to adjust entirely to the new reality. Those that adapt survive, and those that wallow with indecisiveness risk everything. For the most part early adopters of change have been rewarded. For 25 years, the buildings provided cash flow, upside, AND asset appreciation. The trifecta! NYC rent laws were adjusted in 1993 to allow for individual apartment…

"It's finding the next one." Shaun Riney and Andrew Bronstein sat down with Greg Fournier — managing principal of Greenbrook Partners, one of the most quietly prolific operators in Brooklyn multifamily. Greg doesn’t do much press. That makes this conversation worth paying attention to. Greenbrook has deployed over $1.5 billion in equity, owns roughly 450 buildings across 20 Brooklyn neighborhoods, employs 150 people, and just closed a $486 million refinance with Freddie Mac through Invesco — covering 260 properties, roughly half the portfolio. Here’s what I took away. It Started…