The FOMC under new Fed Chairman Kevin Warsh voted unanimously at its June meeting to leave the federal funds rate at 3.50% to 3.75%. Excluding Chairman Warsh, meeting participants submitted projections for the quarterly Summary of Economic Projections (SEP) that revealed a significant hawkish shift from March. Nine out of 19 officials now forecast at least one rate hike by year-end (up from zero), while only one expects a cut (down from 12). Median projections showed the federal funds rate at 3.8% at the end of this year and 3.6% next year; real GDP at 2.2% this year and 2.3% next year; total PCE inflation at 3.6% this year (up from 2.7% in March) but down to 2.3% next year; and the unemployment rate steady at 4.3%.

19-49 Troutman Street is a rare opportunity to acquire a 12,586-square-foot multi-story building with M1-1 zoning situated at a high-visibility corner in Ridgewood, an area experiencing rapid growth driven by a burgeoning nightlife and music venue scene.

In this episode of Coffee & Cap Rates, Shimon Shkury sits down with Kenny Burgos, CEO of NYAA, to discuss the current state of New York City’s multifamily housing market and the growing challenges facing the rent-stabilized sector.