by mgranizo-ohare on February 16, 2012
The Big Apple will always be one of the top investment targets for multifamily investors for three main reasons:
1. As the stomping ground for world visitors and the emergence as the “new” Silicon Valley, there is no better place to live and work than Manhattan.
2. ”Homeownership remains out of reach for nearly 80 percent of the households in the city”1, making apartment rentals high in demand.
3. Low vacancy rates continue as the result of the stalled condominium projects and residential units construction from the past four years. Quite simply there is competition for apartments in New York City, and in particular in its prime neighborhoods.
Cost of living, overleveraging in private home purchases of previous years, and financial instability globally and at home-all contribute to New York City being an apartment dweller’s city.
1 Marcus & Millichap New York City Apartment Market Report 2012.
by mgranizo-ohare on April 21, 2011
Bushwick, Brooklyn, an area traditionally known for its “industrial backwaters” and dilapidated properties for many years, today is “trendy!”
Many residential real estate investors had identified Bushwick, Brooklyn as a neighborhood with future potential. As recently as four years ago, property values in the area bespoke of bargains in a real estate market on the brink of collapse. Now four years later in response to the residential development, cafes, bars, an art gallery and even an organic grocer have set up shop in the area. The Knick, a “green” condo building with forty-nine units opened last spring. Castle Braid Apartments, a 144-unit complex also recently opened and the developer, Mayer Schwartz is offering up to six months’ in free rent to tenants who improve the building’s asthetics. In sum, with its substantially lower rents, both for retail and residential tenants and its easy access to public transportation, Bushwick has become an up and coming area in Brooklyn! For investors and developers who made calculated bets on this area’s future potential, it might very well be an investment that will pay high returns as Bushwick continues its regentrification. Multifamily and single family properties values are still meaningfully discounted in Bushwick area as compared to their Williamsburg and certainly their Manhattan neighbors.
[Data Source: Crain's New York Business, April 18-24, 2011 Issue]
For Multifamily Properties that Meet Your Investment Criteria, Contact Marti O’Hare toll-free at 888-302-6116 or mohare@frandimapropertiesllc.com.
