Bisnow | July 8th, 2016
By Scott Klocksin
June’s jobs numbers bode well for the second half of 2016, but will that translate to good things for commercial real estate? We checked in with experts on NYC’s biggest asset classes to give us a sense of their key takeaways from the market’s performance in our neck of the skyscrapers in the year’s first half.
GFI president Michael Weiser says the general multifamily marketplace was a little less exuberant than this time last year. The reason for this slowdown, he says, comes from increased pause in buyer sentiment. Buyers wonder whether the market’s momentum and rise in pricing is sustainable, Michael says. This comes as the prospects of vacating regulated apartments has become less likely and the process more difficult. As such, Michael’s noticed both a major slowdown in the purchase of smaller, six to eight-unit buildings—particularly in Brooklyn—and a widening bid-to-ask spread when it comes to larger properties.
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