NEW YORK CITY-Despite the slowdown in other property sectors, the investment climate for apartments in Manhattan is holding up quite well. Some areas, however, are clearly doing better than others. That was the consensus of some of the city’s top multifamily players during the session titled, “Will Manhattan and Borough Multifamily Investment, Development and Financing Remain Resilient?” at last week’s RealShare New York conference.

Moderator Peter Von Der Ahe, an associate with Marcus & Millichap Real Estate Investment Services Inc., noted that apartment investment volume across the city is down just 40% from last year, and for properties valued less than $100 million, volume is down 20%. That’s significantly lower than the volume declines seen in the office and retail sectors.

The market today is better than it was during the last downturn in the early 1990s, pointed out Ofer Yardeni, a managing partner with Stonehenge Partners. Back then, there were assets for sale but investors didn’t buy them because they were afraid of where the market was heading, he said. “Now, we know these opportunities don’t happen every day,” he related. Indeed, Stonehenge has bought more than $400 million worth of real estate in the Big Apple, including $296 million in multifamily, and continues to snap up properties. In fact, Yardeni stated, it makes more sense to buy an asset in New York and increase its value through rent increases and improvements than to risk developing a new property.

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