3050 Perry Avenue, an elevatored apartment building in the Bronx, recently sold for $3,700,000, which is $100,000 per unit or about seven times the gross rent. At first glance, this might seem high on a price per unit basis compared to other...
Even though hotel construction financing is still difficult to obtain, large scale Manhattan hotel development sites continue to be snapped up. ...
There has been a lot of talk over the last few years about demand from foreign buyers. There is no doubt that we continue to see an influx of buyers from around the world. In fact, our website tracks hits from 131 countries around the world...
Last week, I wrote about a trend prevalent during 2005-2007 – the condo conversion of mostly rent regulated apartment buildings. During that time span, I also witnessed dozens of Inclusionary Air Right sales...
In the condo conversion craze of 2005-2007, it seemed like everything and anything was converted to condominiums. I sold 25 Fifth Avenue between East 9th and 10th Streets in 2005. Only one-third of the 93 units were free market at the time. The...
It used to be the dream of aspiring investors to buy a 2-4 family. They would live in one of the units and rent the remaining units to cover the expenses and live rent free. ...
When I started in this business in the late 1990s, I witnessed first hand the impact that a rezoning could have on an area. Back then flee markets and parking lots lined Sixth Avenue north of 23rd Street. It was zoned for manufacturing use, so...
Harlem retail is bustling once again. Investors are taking notice and buying up the remaining storefronts which are still occupied by legacy tenants. These mom and pop stores have been taken over by such national tenants as American Apparel...
