New York
Brooklyn Multifamily Report – Fall 2019
The market’s multifamily sector continues to perform well, with rent growth still strong despite last year’s development peak.
JV Breaks Ground on Jersey City Tower
The 38-story high-rise marks the latest project in the city for KRE Group, which is building several other properties in the downtown area.
Brooklyn Luxury High-Rise Gets $52M Refi
Freddie Mac provided the financing under the Lease-Up Loan Program for the new 110-unit project.
Fairstead Affordable Buys Harlem Apartments for $76M
A HUD Project Based Section 8 contract and HPD Article 11 regulatory agreement will enable the multifamily portfolio to remain affordable for 40 years.
Mack-Cali Chalks Up $820M in Boston, New Jersey Trades
The REIT has completed the $409 million purchase of Liberty Towers in Jersey City as part of a 1031 exchange.
Manhattan Communities Get $119M Refi
The owner secured the Fannie Mae financing in preparation for the expiration of the city’s 421a tax abatement program.
NYC Names 3 Development Teams for Co-Living Pilot
The projects announced as part of the city’s ShareNYC program will produce a total of 300 new units at three locations.
Brooklyn Affordable Community Breaks Ground
Pennrose and RiseBoro Community Partnership are building the 218-unit development in the East New York neighborhood.
RXR Realty Scores $98M Loan for Luxury Connecticut Project
JLL arranged the construction financing for the 325-unit tower in downtown Stamford.
Top 5 NYC Multifamily Sales
PropertyShark compiled the top 5 multifamily sales recorded in August 2019 in New York City.