February 11, 2015

Record Sunset Park deals point to next neighborhood boom

Rising demand for apartments is driving real estate investment. Shalumov said his team recently sold two multifamily buildings on 7th Avenue for 13.5 times the rent roll — traditionally sales in the neighborhood went for 10-11 times the roll. He added that investors are now regularly buying at a five-percent cap rate, another novelty and a sign of confidence in the market’s continued growth.