News
MULTIFAMILY MONDAY: Safer than Stocks?
August 15, 2011
| It's still too early to tell how the federal debt situation will affect multifamily investment. Eastern Consolidated executive managing director Ron Solarz says it may mean more money flowing into the sector. (So get out your cash boats and coin paddles.) |
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| Call him bullish—he points out that some investors find real estate a safer bet than the stock market: "The perception is that this type of investment is more stable and conservative with growth potential." (Guess we'll change our sheets . . . as long as we're taking money out from under our mattress.) |
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| One deal Ron just closed with colleague Eric Anton—a defaulted mortgage note on 132 and 134 W 109th St (pictured) for $7.8M— attracted 16 offers. He’s also seen a similar interest for a package he has on the sales block for $24.5M: 801-803 Ninth Ave (five-story, mixed-use corner building with 50’ of retail frontage), 805 Ninth Ave(as-of-right development site that will support 21k SF of construction), and 767 Ninth Ave (four-story, mixed-use corner building with 25’ of retail frontage). The package includes 25 residential units with a mix of free-market and rent-regulated tenants, the latter which’ll bring future upside to an investor. |
