WHAT’S UP, UPPER MANHATTAN?

Multifamily opportunities in Upper Manhattan are tight, but we should see transactions increase soon, says Massey Knakal’s market guru Shimon Shkury, top right, whose team recently assisted affiliates of Security Properties in selling a nine-building East Harlem housing portfolio for $26.9M, and helped Metrovest Equities sell a 120-unit building and adjacent development at 1428 Fifth Ave to L&M Equities for $22M. Shimon, here with colleagues (clockwise)Mike Tortorici, Christopher Lefferts, and Victor Sozio, tells us that rent-stabilized apartment buildings, in particular, are seeing rental upsides and are therefore more attractive.
The low volume of trading has made it difficult to price assets, Shimon says, but we should see a rise in transactions as local operators and newcomers with foreign money want to buy buildings with expected significant upsides. Assets that are moving see plenty of aggressive bidders—one deal they recently closed had 16—as investors are hungry from product above 96th Street. They expect a stabilization of cap rates and condo markets, both of which will lead to clearer pricing. However, they expect townhouse shells to continue softening because of a lack of construction financing, Shimon says.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

RXR Marketing Executive Lauren Maturo Dies At 32

From Pandemic Darling To Cautionary Tale: Pickleball Clubs Face A Reckoning After Betting Big On Retail Space

Weil Gotshal Wind-Down Leaves 830K SF Hole In America's Office Market

Meet Bisnow's 2026 New York Power Women Honorees

Related, Oxford Land Tenant For Top Floors Of 70 Hudson Yards

BXP Execs See Better Returns In Building Offices Than Buying Them

Foundry Robotics Leaves San Francisco For New East Bay HQ

Tenant Rep Firm Expands To Philly, Hires Industry Veteran

Data Centers Lose The Top Spot, San Francisco Jumps 40 Places: 9 Takeaways From ULI's 2027 Outlook

$60B Fintech Ramp Inks Huge Expansion In Flatiron: The N.Y. Deal Sheet

As The Future Of The Office Continues To Evolve, WeWork Is Bringing Clients A Tailored Workplace Solution

Cushman & Wakefield, NYC Added To Suit Alleging $250K Agency Lease Shakedown