NYM had an active month in March with a total of $269,023,457 in activity! In March we closed on and put under contract properties totaling $184,778,457.
NYM GroupApril 2, 2020
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New York Multifamily Market Insights
New York City’s NoLita neighborhood is a desirable area for multifamily owners because it's an epicenter of young professionals, high-end stores, and trendy restaurants. With proximity to surrounding neighborhoods, like SoHo and the East Village, NoLita is a very attractive location for renters.
NYM GroupMarch 5, 2020
NYM had an active month in February with a total of $275,040,000 in activity! This month we listed 12 properties totaling $134,965,000. Last month we closed on 1388 Second Avenue for $5,975,000. The building contains 9 residential units and 2 commercial units.
NYM GroupMarch 5, 2020
The rental market in NYC is changing. This year, we will witness a 59% reduction in the amount of new rental supply delivered into the market compared with 2019. This is a 69% reduction compared to 2018!
NYM GroupFebruary 20, 2020
When rent law reform was passed in the summer of 2019, rent-stabilized investments immediately became more complicated to multifamily owners. The demand for free-market units increased, and the sale of 105-115 Greenpoint Avenue is the perfect example of that shift in today’s real estate climate
NYM GroupJanuary 28, 2020
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. 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.
NYM GroupJanuary 2, 2020
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.
NYM GroupDecember 23, 2019
New York’s West Village is a coveted neighborhood for buyers, and 162 West 13th Street is a great multifamily asset in this popular area. This corner building houses 36 rental units (32 residential and four commercial) and was previously owned by one family for many years.
NYM GroupNovember 26, 2019
NYM had an active month in October with a total of $277,468,000 in activity! This month we placed 9 deals under contract, closed $69,696,000 and listed 21 properties totaling $140,940,000. Last month we closed on a fully free market building located at 36 West 21st Street for $4,650,000. The property closed at a 4.7% cap rate for $905 p/sf.
NYM GroupOctober 31, 2019
In order to successfully sell this building, the owner of 186 Franklin St. needed to work with a real estate team that had connections with buyers who could pay the high price for a property like this one. That’s why they went with New York Multifamily. Our team closed on this Manhattan building in May 2019 for $37.4 million. Here’s how both the buyer and seller found what they were looking for.
NYM GroupOctober 3, 2019