Foreign firms, REITs and local investors are buying up the city’s rental units, attracted to their promise of steady annual returns. One local investor is in contract to buy 800 apartments on the Upper East Side. Another joint venture is looking to close on a portfolio of 4,000 units on the Upper West Side and in Harlem, paying an average price of about $250,000 a unit for the properties, many of which are Mitchell-Lama apartments. “With land becoming more and more scarce in Manhattan and capital still flowing into the island like waves breaking ashore, the keen demand for existing residential rental property is as great as I remember in my more than two decades in the industry,” the director and principal at Eastern Consolidated Properties, Alan Miller, said. more [Sun]
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Investors seek residential rentals
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