New York
Can You Afford to Live in NYC?
Only nine out of the 139 neighborhoods included in a RentHop study have median asking rents that can be afforded with 35 percent of the area median income.
Leasing Starts at Murray Hill Marquis Luxury Apartments
The former boutique hotel is being converted into 260 modern no-fee studio and one-bedroom apartments, with rents ranging from $2,575 to $3,450 per month.
948 Affordable Units Preserved in the Bronx
LIHC Investment Group, Belveron Partners and Camber Property Group will rehabilitate Stevenson Commons in the New York City borough. The initiative is moving forward through an agreement with the New York City Housing Development Corp.
Ceruzzi Gets Massive Loan for Midtown Manhattan Condos
The company received $300 million for completion of a 72-story building with 124 condos, 7,500 square feet of retail space and a 25-space garage.
JV Wraps Up NYC Mixed-Income Community Makeover
Nelson Management Group and L+M Development Partners have completed a complex, four-year renovation of the 318-unit Promenade Apartments in the Bronx.
Manhattan’s Beekman Tower Lands $70M Refi
Meridian Capital Group arranged the 10-year CMBS loan for the 26-story Art Deco building. The property recently underwent a $24.2 million renovation to reposition it as corporate housing.
WinnCos. Eyes $19M Rehab for NJ Affordable Community
The firm plans to make significant interior and exterior upgrades to the newly acquired Bridgeton Villas Apartments, a 156-unit community in Bridgeton, N.J.
RXR to Develop 28-Story Mixed-Use Towers in New Rochelle
Anchors of the New York City suburb’s $4 billion redevelopment plan, the two high-rises will comprise about 700 units between them. City officials are eyeing up to 12 million square feet of new construction.
Lower Average Loan Sizes Are Likely
Rising interest rates have yet to strongly impact the multifamily market, as specialists are confident the market will continue to see healthy fundamentals in the near future. While loan origination volumes are expected to stay up, the average value of credit facilities might dip.
MHN’s Top 5 July 2017 Articles
Miss out on any MHN stories in July? Here are five of our most popular articles for the month, including the top 10 apartment owners in Atlanta and design trends and products from NAA’s Education Conference & Exposition.