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- The most creative deals of the year and a sharp decline in rent growth
The most creative deals of the year and a sharp decline in rent growth
Welcome to traded’s weekly newsletter where we give you the top New York CRE news and deals to start your morning ahead of the curve, in 5 minutes or less ☀️☕💰
What We’re Serving Up Today
Luxury buyers are opting for alternatives
A new affordable housing tax break
The most ingenious CRE deals from the past year
National apartment rent growth hits a major decline
The DIRT 📈
Daily Interest Rate Tracker
What You Need to Know 🗞️
💎 Luxury Rentals on the Rise: With lingering economic concerns, luxury buyers are opting for rentals over purchases, boosting the median rent prices in Manhattan, Brooklyn, and Northwest Queens to all-time highs.
❗️ New Affordable Housing Tax Break: Lawmakers have passed the 'Affordable Housing Rehabilitation Program’ J-51, a potential tax break for select property managers. However, it’s getting mixed reactions, as its affordability restrictions limit eligibility to a small segment of landlords.
🌱 Food Waste Fiasco for Landlords: A new bill is on the ballet that would require residential buildings to separate food waste and yard scraps from regular trash, and there are big concerns about the potential costs and fines this could add onto landlords.
💸 Industry Execs Discuss Financing Hurdles: CRE is grappling with financing challenges as lenders grow more cautious – see what executives across the industry have to say.
🏦 The Fed Presses Pause on Rate Hikes: We can take a slight breather as the Fed opted not to raise interest rates last week, breaking a streak of 10 consecutive increases. But they kept the door open for future ‘23 hikes, depending on inflation.
🔑 The Most Creative Deals of the Year: The Real Estate Board of New York awarded the “Most Ingenious Deals of the Year” last week.
📉 Pro-forma Problems for Investors: Apartment rent growth is on a rapid decline nationally, flipping leverage to tenants and causing concerns for investors who counted on persistent rent hikes, leading to narrower margins, especially in high-growth areas.
Credit: The Wall Street Journal
Closing Time 💰️
This Past Week in NYC: 64 deals closed over $2M… 38 deals over $4M… 15 deals over $8M… 3 deals over $60M… OVER $600M in closed transactions… Get to work 💥
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