10/8/2020
Friends,
As the NYC multifamily market continues to adjust to the pandemic and reopening of businesses, the NYM team had an active quarter with a total of $495,384,050 in activity!
Some quick closing highlights:
In Q3 2020 we closed on 180 West 81st Street , Manhattan for $17,000,000. The deal signed and closed the same day! This was a 15 unit, 21,584 sqft property.
We also closed on the Prospect Slope portfolio for $12,200,000. This portfolio consisted of 20,415 SQFT across 5 properties in Prospect Heights and Park Slope: 770 Washington Ave., 66 6th Ave. , 585 Vanderbilt Ave., 40 4th Ave., 257 Flatbush Ave.
Some quick listing updates:
We recently brought to market The Manhattan 5. These five elevator-served rental buildings, comprised of 348 units for a total of approximately 343,410 gross square feet, are predominantly rent-stabilized with below-market rents. Investors can purchase the properties individually or as a portfolio. As a collective, the Manhattan 5 has a blended basis of $263 price per foot, $260,776 per unit, and a gross rent multiple of 11.5x – metrics well below city averages in core, trophy locations. Click here to watch the Virtual Tour.
For other on-market opportunities you might be interested in, head over to the NYM properties
We released the latest Behind The Bricks episode: Instant Insight: NNN Properties & Covid-19 with Glen Kunofsky. Coronavirus has had a massive impact on the Triple-Net market. In this episode Glen details which type of businesses have been performing better in the pandemic and those that have been hurt. In this discussion we touch on negotiating with retail tenants and how the lending environment is impacting today’s market.
At this time, we would like to be as useful to our industry as possible, and I hope you find this information valuable and look forward to your feedback. For information about other opportunities in the market or the potential value of your asset, call me at 212.430.5114.
Peter Von Der Ahe
212.430.5114.
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