NEW YORK CITY-CRE lenders looking to get more information about the neighborhoods surrounding the projects they're eyeing are in luck. This fall, AVANT Capital Partners will start rolling out its NYC Neighborhood Reports, sharing data on approximately 30 portions of Manhattan, and slightly more than 30 areas in Brooklyn. The product will eventually cover the remaining boroughs, along with Fairfield County, CT—as well as some of the towns within it—and even the Gold Coast in Florida.
The reports will serve parties to multifamily deals as well as industrial and office projects. Reports will include a map of the neighborhood, income metrics of area residents as well as data on the value of both condominiums and multi-family units.
AVANT also will offer up valuation information, showing the area's average asking rents and average sales figures, on a per-square-foot basis. That will likely come from brokers and developers in the various communities, who have agreed to share their opinions on the areas.
The information will be available to others besides lenders; it should prove useful to multiple parties to a deal. Sensing a vital need for such reports in the recovering real estate market, the company plans to release two such studies every few weeks, for some time to come, says Adam Luysterborghs, founding principal.
“The type of real estate we're financing is usually development sites and vacant properties, or those being repositioned,” he says. “You don't have big players like Blackstone or KKR writing $2.5 million loans for projects like that, so we wanted to offer local expertise. You need your lender to understand what he's looking at, or you'll end up with a financing process that will drag on to eternity.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
