News
MULTIFAMILY ROARS BACK
February 13, 2012
| Manhattan is returning to stabilized levels in both number of sales and dollar volume, we learned from Massey Knakal CEO Paul Massey, who will be speaking at Bisnow’s third annual New York Multifamily Summit at The Roosevelt this Friday—register now. (We've also stabilized the balance of football supremacy.) |
 |
| In the average year, there are approximately 4,500 investment property sales (with about 500 in Manhattan), and in 2011, there were 2,100, with 675 of those in Manhattan. The boroughs, however, are still lagging in terms of sale volume due largely to unresolved distressed assets. But Paul says he’s seeing those assets starting to sell individually and in bulk. Last year, Massey Knakal added 20 new agents to its team and plans to add 30 more this year, doubling its sales force since late 2010. But that's only one of his exciting plans: In June, he’s traveling with daughter Greta, 15, to Nicaragua(our hemisphere’s second-poorest country) to do community service with non-profit Bridges to Community. |
 |
| On the multifamily unit side, Manhattan’s for-sale residential market is seeing a dichotomy—luxury digs in areas like the Upper East and West Sides are selling well, but apartments in the $800/SF to $1,000/SF range are having more difficulty moving because fewer mortgages are available, says Skyline Developers prez Orin Wilf, who’s also speaking. But the good news: Orin says things are beginning to pick up in both the for-sale and rental markets. His firm's buildings include 75 West St and 37 Wall St, and it's currently developing the 19-story, Cetra Ruddy-designed 200 East 79th St, a 45-unit luxury building on the UES. Orin tells us that the building’s on the rise and Stribling will launch sales in the fall. It’s scheduled for a spring 2013 completion. (The real question is, who's he hiding from the camera?) |
 |
| Want to hear more? Paul and Orin will join Metro Loft Management CEO Nathan Berman, The Praedium Group principal Mason Sleeper, Stonehenge managing director Richard Dansereau, Meridian Capital Group CEO Ralph Herzka, TF Cornerstone head of acquisitions and finance Jeremy Shell, Rockwood partner David Streicher, CBRE EVP Paul Leibowitz, Silverstein Properties senior associate Jeffrey Deitrich, WeiserMazars patner Ron Lagnado, and Arent Fox partner David Dubrow to talk about the hottest multifamily trends. Great schmooze time too! Register here. |
