10/31/2019
Friends,
NYM had an active month in December with a total of $312,882,500 in activity! This month we listed 16 properties totaling $189,885,000.
Some quick closing updates:
Last month we closed on 422 East 81st Street for $6,250,000. The building contains 20 units and was 80% Fair Market. At the sale price, this equates to a 4.0% Cap Rate and $568/SF. The fair market units were around 15% below market. We also closed on a 13-unit Queens asset for $3,075,000. This building closed at a 5.16% cap rate and is 100% rent-stabilized.
Some quick listing updates:
We recently listed 180 West 81st Street on the Upper West Side – this 15-unit asset is being offered to the market for the first time in over 40 years.
In Brooklyn, we brought to market 2 portfolio offerings. The Bushwick Six Portfolio contains six 25’ wide six-unit buildings for $9,750,000. In Prospect Slope we listed The Prospect Slope Portfolio for $15,250,000. This portfolio is 100% free-market and consists of 25 units across 5 buildings.
In Queens, we listed 27-57-27-59 Crescent Street for $9,200,000 – this asset is located on the Astoria Retail Strip and is offered at a 5.2% cap rate.
For other on-market opportunities you might be interested in, head over to the NYM website.
Last month, we shared our 2020 NYC Multifamily Outlook Blog. In it we cover how to stay ahead of the curve in 2020 and the 5 items to watch as the year begins. We also published our two-part series about owner’s responses to the June 2019 rent regulation. In these episodes Jay Martin and Kevin King discuss the lawsuits that have been filed and questions about the timing and viability of these lawsuits. Take a listen to these episodes here.
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
newyorkmultifamily.com
In part on of our two-part series about owner’s responses to the rent regulation laws passed in June we sit down with Jay Martin. Jay is the executive director of the Chip organization and we discuss the details of the lawsuit, it’s major claims, timing, and other questions that owners may have about strategy and viability. Listen to the episode by clicking here.
In part two we sit down with Kevin King, a Partner at Covington Law Firm in Washington DC. Kevin is part of the team leading another lawsuit on behalf of multifamily owners: an alliance called ARENY, which stands for “Alliance for Rental Excellence in New York.” Kevin has had significant experience arguing cases such as this at the federal level, and in fact was a law clerk for Supreme Court Justice Scalia earlier in his career. Listen to the episode by clicking here.
When I was writing The Scene in 2019: What to Expect in the NYC Multifamily Market last year, there was significant uncertainty in our industry. In the first half of the year, we weren’t sure what was going to happen with New York’s rent reform laws. Today, for stabilized units, that uncertainty is gone and we can plan our strategies about how to deal with reality, rather than guessing about its outcome.
The intersection of real estate and politics reached a new level last year. Some New York politicians declared they wouldn’t accept money from real estate developers, foreign buyers are purchasing less here due to the U.S. political climate, and landlords are challenging the new rent laws via lawsuits.
Click here to read the blog.
The NYM team at our holiday party.
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