NYM Monthly Metrics – May 2019
Most industry observations say the multifamily market is slow… this month we had $449,931,113 in activity at NYM! In May, we closed 13 buildings for a total of $168,271,113. We also listed 18 properties totaling $249,100,000. It was a busy month!
Some quick closing updates:
Last month we closed on 186 Franklin Street in Tribeca for $37,370,000. We closed on 122-124 Ludlow Street at a 5.25% cap rate for $21,500,000. In Queens, we closed on a 150 unit property at 6107-6125 Woodside Avenue for $36,375,000. 444 Ralph Avenue closed at $254/SF for $1,750,000 in Crown Heights.
Are you concerned about dangerous new rent laws? Are you aware of how they could change? Take a deep dive into the potential changes coming by listening to our new monthly market talk on Behind the Bricks with Attorney Mitch Kossoff and Danny Handweiler. How did the first quarter of 2019 shape out? Take a look at our Q1 2019 NYC Multifamily Sales Report which highlights market data and insights for Q1.
Some quick listing updates:
We recently listed 15 Crooke Avenue in Prospect Park, a 54 unit elevator building for $17,700,000. We also brought to market a single family mansion conversion opportunity at 458 West 20th Street in Chelsea. 1388 Second Avenue was placed on the market after 50+ years of ownership for $7,500,000. The Graffiti House, a class A new construction elevator building in Astoria was reduced to $16,995,000. 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 Chad Tredway, the Co-Head of Real Estate Banking at the largest bank in the US; J.P. Morgan. Chad is the youngest managing director in the history of the bank, and for good reason. He manages $25 billion worth of credit exposure and a team of more than 100 employees. He has been named one of the “50 Most Powerful People In Real Estate” by the Commercial Observer and has several accomplishments we will discuss in the episode. Listen to the episode by clicking here.
After an extended period of higher rental supply in New York City, a series of interesting shifts are occurring. The lack of new construction, high land and construction costs, and historical trends show us that this era of excess supply and falling rents is coming to an end. Rents have declined in New York City the past 3 years, and never has that happened for an extended period in recent history. Given this dynamic environment, now is the time for multifamily owners to carefully consider the neighborhoods and properties that can deliver upside in rents over the next 5-7 years. If you want to take a further look at the upcoming changes and data, click here.
- Peter and Chris Voss speaking at a client event this month. 2) Team members at our Topgolf party at ICSC Vegas. 3) NYM Team celebrating Joey 1 Cap’s birthday at the office! Stay up to date with all things NYM by clicking here.