Upper East Side
➤➤ Join the GlobeSt.APARTMENTS (formerly RealShare) conference October 29-30 in Los Angeles. The event will analyze the opportunity in the emerging trends and conditions of the multifamily market. Don't miss out on joining the 1000+ of the industry's top owners, investors, developers, brokers and financiers as they gather for THE MULTIFAMILY EVENT OF THE YEAR! Click here to register and view the agenda.
NEW YORK CITY-Multifamily investors are making rapid plays in the free-market property acquisition game, leaving their once beloved rent-stabilized assets on the bench since the New York State Legislature passed rent regulations this June.
Multifamily trades in New York City have slowed, but investors are still motivated to deploy capital in the sector and are especially focused on free-market units that allow for sequential rent increases and no restrictions for major capital improvements, according to Thomas Gammino, managing director at Jones Lang LaSalle, who is focused on the Upper East Side in Manhattan.
Average pricing for free-market properties jumped from $995 to $1,121 per square foot, even with less perceived upside, and could increase. Cap rates expanded by 83 basis points to 4.49%, according to the Avison Young Q1 2019 New York City Multi-Family Sales Report.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
