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Multifamily Slow, But Outperforms Rest of US

UNION CITY, NJ-The deal velocity is off a bit, but properties are still trading and are still getting built.

By Eric Peterson | Updated on November 14, 2008

UNION CITY, NJ-While all CRE sectors are down, as reported here, multifamily isn’t down as much, and the latest numbers show that New Jersey’s residential market is outperforming the rest of the country. The rental market, in particular, is benefiting from the inability of folks to get mortgages to buy houses in the wake the financial markets’ meltdown.

Projects are still getting built, albeit largely in-fill in the state’s more urbanized areas. And while rental is performing best, one major project on the rise is a condo building here. Altessa will bring 100 residences to market next year in a 15-story package on New York Ave., being developed by the locally based Rocha Construction and Development Inc.

“Scores of interested buyers have added their names to our list,” says Marcone Rocha, who notes that the Hoboken-based Patina Realty is marketing his project. “Many are single professionals or young couples.”

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