The TreppWire Podcast: A Commercial Real Estate Show
294. Opportunities Outweigh Obstacles? Look to NYC Multifamily: Behind the Scenes with Seth Glasser | Marcus & Millichap
Dec 9, 2024
Seth Glasser, Senior Managing Director at Marcus & Millichap, shares his expertise as a top multifamily agent in New York. He discusses the challenges of NYC's evolving legislation and the shifting market dynamics. Interesting insights emerge on the role of government in housing and the complexities of 1031 exchanges. Seth also highlights the growing demand for affordable housing and the impact of economic changes on buyer motivations. Tune in for a deep dive into the opportunities awaiting investors in the NYC multifamily sector!
40:44
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Quick takeaways
- Seth Glasser discusses the drastic decline in valuations of rent-stabilized buildings in NYC, significantly impacted by regulatory changes and rising interest rates.
- Despite the challenges of strict regulations and a tricky lending landscape, unique buying opportunities exist for investors willing to navigate NYC's multifamily market.
Deep dives
Seth Glasser's Multifamily Expertise
Seth Glasser is a prominent multifamily agent with 15 years of experience in New York City’s competitive real estate market, focusing primarily on rent-regulated assets. He leads a team that sells around 90 buildings a year, emphasizing the complexities unique to New York multifamily properties, such as the impact of rent regulations. Glasser shares how his clientele often seeks his expertise for navigating transactions like 1031 exchanges into alternative asset classes, particularly single-tenant net lease deals. His insights underscore the necessity for a deep understanding of the market's nuances, particularly given the regulatory challenges faced by brokers and clients alike.
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