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NYC Opportunity Fund, LLC
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=== Retail === * Retail offers similar opportunity with pricing dropping by 24% since the pandemic. * That being said residential neighborhoods have fared better than more touristy locations. According to the REBNY’s Spring 2021 Manhattan Retail Report, average asking rents dropped by less than 15% on the Upper East Side compared to rents in the Spring of 2019. * There will be even greater opportunities for high street retail, as the pendulum has surely swung too far as the drop in tourism has a major short term impact. For example, SoHo average asking rents have fallen by nearly 40% * The average price per square foot for Manhattan retail properties sold in 2Q21 rose 6 percent compared to the trailing 4-quarter average, which is a positive sign. The company’s retail strategy will be to buy significantly discounted or distressed vacant retail. The company will also look at occupied retail to take advantage of cap rates that have reached well into the 5% range and in some cases even higher.
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