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Although there have been some new ground rules for real estate, financing hasn’t disappeared for multifamily, says AvalonBay SVPFred Harris, who will be speaking at tomorrow’s Bisnow Multifamily Summit at the Roosevelt Hotel.
AvalonBay's Fred Harris
And despite the GSEs raising the bar in their underwriting for such financing, there’s been continued demand in the market for well-located assets, he says. Multifamily is recovering in New York, and sales have been reported with cap rates that begin with a four. Even with somewhat depressed rental rates, investors see the potentialfor long-term growth and are flocking to multifamily real estate as a perceived “safe sector.” It’s hard to predict whether multifamily will outperform over the long-term, but he expects strong growth in the near future, thanks to a lack of new supply in NYC. To hear more, join Fred and other top multifamily experts as they speak about the state of NYC’s residential and capital markets. Great schmoozing, too! Sign up here.
Related Topics: Roosevelt Hotel