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!
AI Snips
Chapters
Transcript
Episode notes
Valuation Crash
- NYC rent-regulated building valuations have plummeted since 2018, creating a challenging market.
- Seth Glasser explains how values dropped from 15x rent roll to 5-6x in just five years.
Buyer Financing
- Understand your buyer's financing strategy when selling in NYC.
- Choosing a buyer with simpler financing can lead to a smoother closing process.
Super's Apartment
- Freddie Mac required a video of a super's apartment in a Bronx building for loan approval.
- This demonstrates the increased scrutiny and diligence in today's market.