During the first quarter of 2019, the New York City multifamily market experienced declines in comparison to 2018. With the political power shift that occurred in the New York State Assembly during this past November, impending legislation pertaining to rent regulation is expected to be enacted later this year.
Multifamily Quarter In Review:
New York City | Q1 2019
During the first quarter of 2019, the New York City multifamily market experienced declines in comparison to 2018. Investor caution and hesitation is an underlying factor within the asset class currently, with speculation revolving around residential units that have already been renovated and deregulated.
Crown Heights: Megaprojects and Opportunity Zones point to another area metamorphosis
Developers are breaking ground at a rapid pace and the upcoming construction of two towering buildings near Prospect Park should dramatically alter the neighborhood’s landscape in a way that should provoke even more real estate investment in the area.