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
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New York Multifamily Market Insights
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
NYM had one of the most active months of the year so far as the multifamily industry continues to adjust to the impact surrounding the new rent laws. In July, we had a total of $352,002,556 in activity! This month we placed $112,550,000 under contract and listed 14 properties totaling $205,700,000.
NYM GroupAugust 2, 2019
Living in NYC will be dramatically reshaped. The "2019 Rent Reform Act" immediately implements state-wide rent caps on rent stabilized apartments and more strict landlord controls, as the government vastly increases its power over these buildings. The political change which allowed the bill to pass, was created when Democrats took control of the New York State Senate, which has been typically held by Republicans. In a way, this change is the result of “anti-trump” votes that flipped those senate seats in the mid-terms of 2018. This effectively created a 1-party…
NYM GroupJuly 31, 2019
All participants in commercial real estate are hunting for a competitive advantage. Whether you are an investor, broker, or other player, you have probably explored technology to improve your success. And technology is a great tool. But, there is much more to the story. When talking about the future, you may be surprised to know that Jeff Bezos advised us to “focus on what doesn’t change.”
NYM GroupJune 28, 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…
NYM GroupJune 27, 2019
In New York City today, there’s a growing movement of owners looking to sell large, prewar multifamily assets. These owners have typically owned the building for over 30+ years and are hoping to take the next step in their personal or investment lives. Recent rent legislation has only increased this desire.
NYM GroupJune 25, 2019
Current NYC Rent Regulation laws are set to expire June 15th, 2019. In order to make good on their promises to constituents, these lawmakers have introduced several new pro-tenant bills.
NYM GroupJune 5, 2019
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.
NYM GroupMay 31, 2019
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.
NYM GroupMay 1, 2019