ATLANTIC CITY, NJ—For the first time in a decade, the multifamily rental market “is starting to see a few dark clouds on the horizon,” as supply and demand move toward equilibrium, says Carl Goldberg, co-founder and former partner of Mack-Cali affiliate Roseland, who recently formed an investment partnership called Canoe Brook Management with his daughter and a former Roseland associate. “After ten successive years of rental growth in Hudson County, the primary luxury multifamily market in the state, we are seeing prices flattening.”
Goldberg spoke during a three-part panel on the economic outlook, during a session focused on multifamily development, at the Atlantic Builders Convention of the New Jersey Builders Association held in Atlantic City, NJ, this week.
In Jersey City, Goldberg says, there are approximately 10,000 multifamily rental units under construction. “It's hard to imagine, despite its operation as the sixth borough [of New York], that being absorbed as easily as product was in the previous nine or ten years,” he says. “We are beginning to be a somewhat concerned as to whether we are entering a period of oversupply in the luxury market.”
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