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
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New York Multifamily Market Insights
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
While we all knew the laws were coming, about 90% of owners we surveyed felt the laws were worse than expected. The industry has become much more complex. These laws have disrupted the market and your world as an investor might feel chaotic right now.
NYM GroupSeptember 17, 2019
The New York Multifamily team closed on this Brooklyn asset — a $18,000,000 building of 67 units — in early summer 2019. Here’s how the deal came together and how it was a win-win for both the buyer and the seller.
NYM GroupSeptember 11, 2019
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 and listed 22 properties totaling $113,215,000. 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.
NYM GroupSeptember 6, 2019