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Family Back In Multifamily

New York
Family Back In Multifamily
Rosewood Realty Group's Aaron Jungreis
Rosewood Realty Group sees family investors coming back to the multifamily market. Even better, they're sitting on substantial cash that they raised when it was more difficult to compete with buyers during the hot market. As a whole, the multifamily market is witnessing a very steady growth, according to president and founder Aaron Jungreis. He says this will continue and multifamily will still outperform other sectors. Aside from those already in line for Avatar 2, people still need somewhere to live, and banks know this and will continue to lend. He signed 29 sales contracts in the first half of '10, and has sold over 30 buildings worth more than $270M, mostly six-story elevator buildings in Manhattan, Brooklyn, the Bronx, and Queens.
Rosewood Realty Group Team
Aaron and the Rosewood team at the firm's East 29th St. office. Most recently, the firm closed on nearly $12M in deals in the Bronx: 271-273 East 164th St. in Morrisania, 480 Concord Ave. in Mott Haven, and 2600 Creston Ave. in Fordham Manor. It also brokered the $10M sale of a six-story 41-unit elevator rental building at 311 East 54th St. to Sloan Kettering Hospital for staff housing; a five-building package in Washington Heights for $36.5M; 106 units in Kew Gardens for $14.4M; and an elevator building in Brooklyn for $9.8M.