As we all read in the news this week, Tishman-Speyer has “given up the keys” on the Peter Cooper/Stuyvesant town asset. Thinking about it reminded me of a few years ago, when the acquisition was made, and the subsequent ripple effect it had through the marketplace. There were many other smaller multifamily purchases which were completed in is shadow–it symbolized to many that New York Multifamily was the place to have your money.
Fast-forward to the present, and the foreclosure has a different meaning for the marketplace (but non-the-less significant) as we are seeing the market transition from paralysis to an understanding that problem assets must be dealt with, and the sooner the better for all involved. This stage in the market cycle must pass before we move on to stabilization and, again, growth.
That leads us to the question of current pricing. For those interested, below you will find a link to order my Manhattan Sales Comparable Report for the sales which occurred in the second half of 2009 (Multifamily only, 4+ units). I hope you find this information valuable in making your next transaction decision. I look forward to your comments.
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