08/31/2019
Friends,
NYM had an active month in August with a total of $197,710,000 in activity! This month we closed 6 deals for a total of $46,275,000 listed 22 properties totaling $113,215,000.
Some quick closing updates:
Last month we closed on a corner mixed-use elevator building in Greenwich Village for $21,750,000 at 162 West 13th Street at a 3.5% cap rate. We also went from contract to close in 14 days at 202 Ninth Avenue for $7,400,000 at $1,019/SF in Chelsea. In Brooklyn, we closed on a 54-unit elevator building after 50+ years of ownership for $8,200,000. We also closed on 100% free market building at 94 Greenwich Street in the Financial District for $4,950,000.
Some quick listing updates:
We recently listed a 10-unit protected tax class 2B opportunity at 51 East Houston Street in NoLiTa for $10,950,000. We also brought to market 610-614 Crescent Avenue in the Bronx, a 49-unit property in prime Little Italy location right off of Arthur Avenue for $7,200,000. 336 East 53rd Street, a 100% free market user opportunity was brought to market for $13,500,000. We also listed a 41-unit opportunity at 1166 Gerard Avenue in the Bronx for $5,900,000 at $168/SF. For other on-market opportunities you might be interested in, head over to the NYM website.
Last month, we conducted a survey with thousands of NYC multifamily owners. Our latest blog post highlights the results and outlines the next steps for owners. We also sat down with Francis Greenburger of Time Equities Inc. on Behind the Bricks podcast where we discuss turning lemons into lemonade, historical perspective, and transforming obstacles into opportunity. Take a listen to this special series by clicking here. Take a look at our NYM monthly report for August which highlights market insights and exclusive on-market opportunities.
For information about other opportunities in the market or the potential value of your asset, call me at the number below.
Peter Von Der Ahe
212.430.5114
This month, we had the opportunity to sit down with Francis Greenburger, the Founder & CEO of Time Equities Inc. Since its founding in 1966, TEI has amassed approximately 31 million SF of CRE, across 30 states and 5 countries. Francis’ background story and his rise to success is truly noteworthy. Francis delivers practical advice throughout our episode about turning lemons into lemonade, historical perspective, and transforming obstacles into opportunity. Listen to the episode by clicking here.
This month, we conducted a survey with thousands of NYC multifamily owners. Our latest blog post highlights the results and outlines the next steps for owners.
1) Seth moderating at Bisnow’s Bronx state of the market seminar this month. 2) Andrew & Seth at a recent NYM event. 3) Peter with panelists from Dansker Capital Group’s Plan B seminar last month.
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