All Forum Posts by: Allan Szlafrok

Posting to reiterate. Curious whats going on down south wondering if things are starting to top out.

@Chris Cambridge

Oh yeah barely anyone is back to the office but it was always super weird how they framed that as just an NYC problem. Are there not offices in other cities? It happens to be that office leasing is actually getting strong in Brooklyn and the suburbs so its not like companies are abandoning their offices wholesale but they are looking to make it a smaller piece of their overhead. The talent is still in NYC and wants to be in NYC. The recent drop in residential rent prices (20% according to some) is actually going to help the city in the long term as that was one of the biggest reason people wouldn't come here.  Bottom line is the outlook is definitely getting brighter and anyone who said the city was dead for good is wrong again as they have always been.

@Santiago Marquez

Yeah thats pretty much the story most landlords are telling. Im not sure the situation is as dire as people thought there arent that many landlords looking to sell at any price at this point and if and when the federal rent dollars hit their intended targets that will help as well. Most people are willing to hold on even if they are losing some money in the short term. Yeah the city needs to open up some more and i think people looking for big discounts are going to be disappointed. That being said i think its a good time for people to buy given that the bottom is most likely in for NYC.

Hey i was curious to see what people are seeing in the NYC Market. Im starting to see a recovery starting as prices have come down a bit and theres some interest in well priced assets. Residential sales are up, leasing activity is up, and anecdotally from my perch in downtown Manhattan i can tell you its starting to get busy again. Industrial is on fire, retail is starting to bottom out, and sellers are beginning to adjust their expectations on multifamily assets and they are starting to trade again. And all the suburbs here are hot too for all asset classes. Plus the Knicks are good again! So my question is...what say you? What are you seeing?

PS- Im not interested in hearing from out of state investors who dont live/invest here who just want to take pot shots at our city and politics. Im well aware of the issues we face here thank you very much. Take your negativity to someone else's post its simply not productive.

Hi all im looking to connect to with multifamily operators in the sunbelt states, specifically Florida and Texas to learn what you guys are seeing in the marketplace and where you see it headed in the future. Feel free to reach out and connect. Thanks!

I know a few people who can help actually. BP hates when you post names and numbers though

@Matt Nico Im looking to buy and hold small multifamilies in the area. I currently own and operate a portfolio of multifamilies in the northeast and i am looking to expand down south.

Hi im looking to connect with multifamily operators and brokers in central Florida particularly in Orlando and the surrounding areas. Looking forward to connecting! 

Rehab can take a while especially if you need to pull permits and deal with the utility companies which you likely will. 9 months isnt crazy if you need to do that stuff. Definitly find a contractor to give you a rough idea of rehab costs.If i were you id select an area first and see whos got the most listings in the area and contact them. Zillow is a good way to do that research.

There are great areas in Hudson County like Jersey City that have easy access to NYC (think 20-30 min) and a lot of properties there are great for house hacking. I own a few small multi families there and i did a ton of rehab on them which added a lot of value. Reahb is where you are going to get the majority of your upside from. There was a ton of appreciation there from 2010-2019 but its slowed down a bit as it has for most of the country. I would say multis have increased more than singles because a lot of people are into house hacking now. All of my properties are walking distance from the light rail making it a quick ride into the city. Id start looking there if i were you.