Scorecard: Multifamily sales

A roundup of news and data on the residential and commercial markets

TRD NEW YORK /
Sep.September 24, 2015 04:33 PM

From the September issue: Multifamily investors’ hunger for elevator and walk-up buildings in Manhattan quelled over the past several months, a TRD review of city Department of Finance data revealed.

The dollar value of elevator buildings sold fell below $100 million last month, off from highs of more than $1 billion per month in September and December 2014.


The Upper East Side was the most active area for sales in the 12 months ended July 31. For elevator buildings, sales were busiest between 79th and 96th streets. For walk-ups, it was 59th to 79th streets.

During the same 12-month period, purchases of walk-up buildings peaked in March at more than $500 million, but fell below $200 million last month.


“We definitely feel there is something going on in the market right now,” said J.D. Parker, senior vice president of investment sales at Marcus & Millichap. “There is uncertainty around the rent regulations and how that will affect multifamily investors and their business plans.”

Christopher Okada, president of Okada & Co., said some long-time walk-up investors are uncertain about yields, following the decision to give no increase for one-year leases on rent-stabilized apartments.

Investors in the model of “burn and churn, fix them up and sell them … are not even looking,” Okada said.

 

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Clockwise from right: Hong Kong; Columbo, Sri Lanka; and Zagreb, Croatia (Credit: Wikipedia, iStock)

The best real estate markets on earth over the last decade

Vatican police have been raiding church officials’ offices (Credit: iStock)

Vatican police raid another Holy See official over botched London property deal

Compound CEO Janine Yorio and a Clinton Hill property available to users on Compound

Real estate’s micro-investing moment

High water levels in Lake Michigan erode a walkway and seawall (Credit: Scott Olson/Getty Images)

Rising waters are wreaking havoc on the Great Lakes’ real estate

Fredrik Eklund (Credit: Getty Images)

Fredrik Eklund talks LA condos, the mega-luxury market and patience

arrow_forward_ios
Loading...