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Multifamily on the Mend

New York

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Multifamily on the Mend
Eastern Consolidated's Barbara Byrne Denham
2Q numbers are in—the $2B in Manhattan multifamily investment sales so far this year have surpassed ‘09's total of $1.4B, Eastern Consolidated chief economist Barbara Byrne Denham told us when we visited her Lexington Avenue office last week. And this puts the market on track to increase 185% over '09 by year-end. Macklowe Properties' $475M sale of three buildings to Equity Residential in Q1 accounted for a large chunk, but overall, lenders are more comfortable with the product, and a shortage of sales have left pent-up investor demand for the sector, she says. The average price paid PSF was $283, the highest since 3Q '08. Expect price and deal volume to increase in the second half, she says, especially in the outer boroughs, which tend to lag Manhattan.