Why NYC’s Multifamily Market Is Doing Well
Digested from “4 Drivers of NY's Multifamily Bull Run”
The New York City multifamily-housing market is currently riding high. In a Bisnow article, Michael Stern, founding partner with JDS Development Group, and Shimon Shkury, founder and president of Ariel Property Advisors, provide some reasons why that’s the case.
More jobs. New York City’s job growth increased by 2.9 percent from January 2014 to January 2015, and many of these new jobs are in fields that are attracting young people to the area.
More development in boroughs. There are many new multifamily developments currently underway in Brooklyn, and new market-rate rentals along the Harlem will hit the market soon.
More transit. Additional Metro North stations are in the works, the Second Ave. subway line is under construction and the subway’s 7 line is being extended.