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High-end residential sales are back on track, according to The Brodsky Org senior partner Dan Brodsky. His firm's Chelsea Enclave at 177 Ninth Ave has sold out at an average of $2.8M per unit, so we tapped Dan to discuss the high-end Manhattan residential market during Bisnow’s Multifamily Summit on Jan. 28 at The NY Bar Association.
The Brodsky Org's Dan Brodsky
Foreigners, empty nesters, and young couples have shown interest in owning homes in Manhattan, Dan tells us, attracted to NYC’s cultural scene and entertainment options. Foreigners also have exchange rates on their side, with some getting as much as30% discounts on acquisitions. Rentals are making a comeback after a 15% rent decline; gone are the days of abundant a free-month's rent and owners paying broker fees, as rents return to '07’s rates, he reports. Dan will join Jonathan Rose Cos’ Jonathan Rose, AvalonBay’s Fred Harris, Dermot’s Stephen Benjamin, Prudential Douglas Elliman’s Dottie Herman, and WeiserMazars’ Ron Lagnadofor a discussion about the NYC multifamily sector. National and capital markets outlooks, too! Register here.