Marcus & Millichap: Update
Rents are flattening and landlords are having a tougher time filling vacancies in some of the tertiary B and C markets, like Bed Stuy, Flatbush and Midwood, says Marcus & Millichap sales leader Shaun Riney. Why? There is much more product in the market now (including new and renovated properties), with a variety of options for tenants. Shaun adds that the mayor’s policies are making it hard for mom-and-pop landlords, who have trouble keeping up with policies and paperwork. Owners are bundling up properties and trading them in for a more prime location, or going from a large rent-stabilized building to a smaller free-market building. The overall attitude of policy makers is very anti-landlord, which could slow down improvements to building stock and which is counterproductive to increasing the quality of workforce housing in the boroughs, Shaun says. As a result, some sellers have sold and exchanged into properties outside of New York, where government isn’t as intrusive or burdensome. Shaun’s nine-member sales team covers Brooklyn and Queens, assignments ranging from $2M to $50M. He has been honored as the top-producing broker in Marcus & Millichap's Brooklyn office for the past five consecutive years (2011-2015) and one of the top 50 agents in the firm. For more information on our Bisnow partner, click here.
