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NYC Opportunity Fund, LLC
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=== Multi-family === * Manhattan offers exceptional value with average capitalization rates of 4.67%. This allows for positive leverage when mortgage rates are still widely available in the 3 percent range. * Residential rents are already recovering nicely. Concessions are burning off and landlords are returning to the 90% occupancy that they historically enjoyed. * That being said, net effective rents are still off 20-30% from before Covid. Rent growth over the next few years should be substantial. * Although multi-family pricing rose 4% to $742/SF in 2Q21 compared to the trailing 4 quarters, it is still 24% below 2018-2019 pricing offering considerable value '''Our multifamily strategy will be to invest in properties that are mostly or entirely fair market to take advantage of this rent recovery. Further, we will target tax protected classes or properties with tax abatements where real estate tax increases are capped.'''
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