NYM Monthly Metrics – June 2019
June was a monumental month for the entire NYC multifamily industry as owners, operators and professionals digest the impact of the new rental laws. The NYM team is conducting market research in order to give our valued clients a better understanding of what this means for the market and all NYC multifamily owners. I will be in touch with our unique insight as it becomes available. Despite the shake up, we had an active month. In June we had $212,394,573 in activity at NYM! This month, we closed 11 deals for a total of $53,494,573. We also listed 16 properties totaling $133,275,000.
Some quick closing updates:
Last month we closed on 48 West 55th Street in Midtown at $1,343/SF for $8,000,000. We closed on an off-market deal at 303 East Houston Street for $6,800,000 in the Lower East Side. In Queens, we closed on a development site at 23-08 Jackson Avenue for $8,150,000 with 30,100 BSF. 46-54 Linden Boulevard in Brooklyn closed at $208/SF for $9,000,000.
To get yourself in shape for the upcoming summer, I sat down with John Romaniello on our latest podcast from Behind the Bricks. We dive into all things health, wealth, & energy – this show is packed with great content and will change the way you think about food and exercise. Click here to listen to this unique BTB guest interview.
Some quick listing updates:
We recently listed 149 Spring Street in SoHo, a tax class 2B elevator building for $26,500,000. We also brought to market a 50-unit opportunity at 142-27 Barclay Avenue. In the East Village, 738 East 6th Street was placed on the market at a 4.7% cap rate and $804/ SF. 6902-6906 3rd Avenue in Brooklyn was brought to market for $5,000,000 at a 5.0% cap rate with 13 total units. To keep up to date with NYM listings click here.
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
We sit down with John Romaniello, bestselling author, entrepreneur, health & wellness guru, and writing coach. We stray from our normal line of conversation on Behind the Bricks and dive into everything health, wealth, & energy. He has personally advised or trained people like Gary V, Arnold Schwarzenegger, and has written for Men’s Health, Fast Company, The New York Times, and more. He has also appeared on ABC and Good Morning America, and his research and discoveries have helped high performers in many industries. Enjoy this summertime topic by clicking here.
The New York Multifamily team closed 6107-6125 Woodside Avenue – which contained 150 units across 108,886 square feet – for $36,375,000. Head over to our latest success story by clicking here to see how this deal came together and how both the buyers and sellers met their goals.
Above, part of the NYM team celebrating our summer kickoff at The Crown this month!