Multifamily completions surge

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

• Multifamily completions are peaking

• New high for office vacancy in Manhattan

• Backlash over a recent NY bill

• A solid month for REITs

The DIRT 📈

Daily Interest Rate Tracker

What You Need to Know 🗞️

1. 💫 Multifamily Magic: National multifamily completions are set to reach their highest annual level since the '80s, projected to exceed 520,000 units in 2023.

2. 🎓 Student Housing Thrives in CRE Slump: Student housing is emerging as a bright spot in CRE, with limited supply and strong demand driving rent growth at popular colleges and universities.

3. 🏢 New High in Office Vacancies: Manhattan reached new vacancy peaks in Q2, with a record high overall availability of about 96.4 million SF.

4. 📃 NY Bill’s Unintended Consequences: While the LLC Transparency Act aimed to disclose the beneficial owners of LLCs, obvious concerns have come up around privacy, potential harassment, and the impact on small businesses.

5. 🏢 Strong Month for Public REITs: June saw the best performance for public REITs since January with nearly every property sub-sector posting gains.

6. ⏳ Affordable Housing Rental Resets: Over the next five years, the U.S. could lose up to 200,000 affordable housing units as government protections expire, allowing landlords to charge market rates.

Closing Time 💰️

This Past Week in NYC: 44 deals closed over $2M… 24 deals over $4M… 10 deals over $8M… 3 deals over $20M… OVER $450M in closed transactions… Get to work 💥 

Trending from last week

One More Thing…

OVER AND OUT!

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HAPPY TRADING! …we’ll be back next Tuesday 😈