Developers face tough market on Long Island

New York /
Jul.July 29, 2010 04:00 PM

Alexander Goldfarb and Long Island

Long
Island may possibly be the toughest market in the country for apartment
development, though there is a lot of opportunity for building there,
residential real estate experts told the Wall Street Journal. The
housing stock is largely single-family homes, with apartment buildings
representing just 17 percent of the inventory, compared with 35 percent
in Bergen County, and 38 percent in Westchester County. AvalonBay, the
only public developer building apartments in Long Island, charges
thousands of dollars a month to renters of all ages, from college
students to seniors looking to downsize from larger homes. “There is a
very strong anti-renter sentiment that seems to exist on ‘The Island’
that we do not see in other REIT markets,” Alexander Goldfarb, a real
estate investment trust analyst with Sandler O’Neill + Partners, told
the Journal. Others agree. Home Properties, which owns older apartments
in the area, isn’t pursuing new construction there because it isn’t
“new apartment development-friendly,” said Charis Warshof, vice
president of investor relations at Home Properties. “There is a
scarcity of land; it takes a long time for approvals,” he added. [WSJ]

 

Related Articles

arrow_forward_ios
(Bespoke Real Estate)
Hamptons mansion featured on “Succession” trades for $45M
Hamptons mansion featured on “Succession” trades for $45M
Terwilliger & Bartone managing partner Anthony Bartone and 461 Railroad Avenue in Westbury LI (Google Maps, Terwilliger & Bartone, iStock)
Westbury apartment project scores 20-year tax break
Westbury apartment project scores 20-year tax break
The site where senior housing was proposed (Google Maps, iStock)
Given runaround by Oyster Bay, developer sells to storage firm
Given runaround by Oyster Bay, developer sells to storage firm
Southampton moves to curb emissions after declaring climate emergency
Southampton moves to curb emissions after declaring climate emergency
Southampton moves to curb emissions after declaring climate emergency
Click, bid, buy: Suffolk County breaks precedent with virtual auction
Click, bid, buy: Suffolk County breaks precedent with virtual auction
Click, bid, buy: Suffolk County breaks precedent with virtual auction
12 Koala Ln, East Hampton, NY and Peloton CEO John Foley (Zillow, LinkedIn)
Peloton CEO John Foley lists East Hampton home for $4.5M
Peloton CEO John Foley lists East Hampton home for $4.5M
Nest Seekers International's JB Andreassi and Michael Fulfree with Peggy Zabakolas of Million Dollar Beach House (Nest Seekers International)
“We weren’t canceled”: Nixed by Netflix, Nest Seekers settles for Discovery+
“We weren’t canceled”: Nixed by Netflix, Nest Seekers settles for Discovery+
Bridgeton Holdings lists its 2 East Hampton hotels
Bridgeton Holdings lists its 2 East Hampton hotels
Bridgeton Holdings lists its 2 East Hampton hotels
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...