Rising Rents = Demand for Walk-Up Buildings

I think this is wonderful. I have such bad recollections of some of the walk up buildings I have been in in New York City. Making these improvements and focusing on market tenants seems like it could be a major improvement in hosting here.

yeah baby. im in a 5 story place but we have an elevator.

I wonder why this writer decided to focus on two young inexperienced companies, which are essentially funds with little RE experience who happened to buy at the right time using investors money. The only thing these new guys did was learn how to raise capital by making fancy promotional materials and then overpaying for things which they were able to renovate while the market turned. Let's see where these guys are in 10 years, so far, they have not impressed me with anything but timing....

And if one was to focus on the increased demand over the last few years, where is the coverage of foreigners happy to take 3 caps just to have a place to park their money, or companies like Extell and Blackstone now targeting buildings under $10MM en mass....

> where is the coverage of foreigners happy to take 3 caps just to have a place to park their money, or companies like Extell and Blackstone now targeting buildings under $10MM en mass....

Smart money knows where the yields are at....
That's not for the plebeians who read the NY Times.
That will be reported in the paper years from now.
When the smart money is exiting, of course

So is everyone in agreement now that rents are rising?

I've been seeing a number of new development condo buildings where prices are soft even compared to '09 or this past winter. My guess is that the demand for less expensive units is driving up the prices in that market. But a lot of owners seem to be experiencing negative carrying costs.

Yes, I've noticed the same AR.

people will trade down before leaving manhattan.

LOL at the idea of anyone leaving Manhattan b/c of rent.
They will triple up in a studio before leaving for financial reasons before pinning down a husband.

Gee, all the young renters in bushwick must have chosen it for its architecture and landscaping, not to avoid paying manhattan rents. dealboy, your info is almost as dated as Matt's.

MAV
about 15 hours ago
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I wonder why this writer decided to focus on two young inexperienced companies, which are essentially funds with little RE experience who happened to buy at the right time using investors money. The only thing these new guys did was learn how to raise capital by making fancy promotional materials and then overpaying for things which they were able to renovate while the market turned. Let's see where these guys are in 10 years, so far, they have not impressed me with anything but timing....

And if one was to focus on the increased demand over the last few years, where is the coverage of foreigners happy to take 3 caps just to have a place to park their money, or companies like Extell and Blackstone now targeting buildings under $10MM en mass....

You sound jealous of the pub.