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Updated over 4 years ago on . Most recent reply
Multifamily Outlook in Manhattan New York
We are working on an opportunity to take equity in a 100 unit portfolio in Manhattan, in exchange for management. The numbers they reported for 2019 are healthy and the owners have not been reported numbers 2020. Based on the Douglass Elliman Reports Manahattan has been getting hit hard by COVID. For my experienced professionals, do you believe manhattan will bounce back quicker than San Fransico? What will happen to the commercial market? So much in the air, I need someone elses perspective on this!
Most Popular Reply
Being a NYer nothing would be greater than actually having a crown in Manhattan. I'm afraid to look seriously do to my emotions getting involved and not allow me to look at a deal with clarity.
Having said that... NY is getting crushed right now do to COVID. The last time things looked this bad here Mayor Dinkins was in office. I'm a fan of running into burning buildings. So I think there is an opportunity BUT....
Best to get proficient on the NY State regulations that got passed in regards to decapitating Landlords and their abilities to raise rents, evictions, etc....
Good Luck!