Multifamily Investment & Development Outlook in New York City and across the Tri-State area
We are in unprecedented times. The trifecta of rent control, anti-developer sentiment and COVID have created a perfect storm that has hit New York multifamily harder than a hurricane. By some estimates, rents have dropped by 20 or 30% for some unit types. Combined with social unrest, eviction moratoriums and rent strikes, 2020 feels like a do-or-die moment for many apartment building owners. What are top owners, investors and developers doing to address today’s challenges?
- How have rental rates, rent payments and occupancy held up since March?
- How is unemployment affecting the outlook for the apartment industry across the five boroughs, Westchester, Long Island, New Jersey and Connecticut?
- Which areas across the region are suddenly more attractive in light of the pandemic?
- What is the state of multifamily investment and development activity and pipeline?
- How has the current situation affected construction costs, availability and timelines?
- In what ways has the pandemic created new opportunities for distressed deals and projects?
- How are top developers innovating and changing up their plans in light of the current situation?
- Neal Weinstein, Partner, Ingram Yuzek Gainen Carroll & Bertolotti
- Chris Albanese, President, Albanese Organization
- Ryan Astrup, Director, ParkPlus
- Steven Charno, President, Douglaston Development
- Alexander Durst, Chief Development Officer, Durst Organization
- Shazia Shahid, SVP – Design & Development, Midwood
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