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NYC Multifamily Projects Aimed at the High End Market

NEW YORK CITY—Very little for-sale product is being built for the entry level or mid level markets, says one source when talking EXCLUSIVELY about the evolution of space demand for the multifamily market in celebration of GlobeSt.com's 15th anniversary.

By Natalie Dolce | Updated on August 28, 2015

NEW YORK CITY—Fifteen years ago, multifamily in Manhattan was dominated by condominium sales. 2000 was the beginning of the condo boom, which carried through right into the recession. That is according to Adrienne Albert, CEO and founder of the Marketing Directors, who recently chatted with GlobeSt.com on the evolution of space demand and performance in the multifamily sector in celebration of GlobeSt.com’s 15th anniversary.

“Condominiums were smaller and designed for many different market segments (high-end, mid level, and entry level). Mortgages played a significant role in the buying power of the public, and demand was insatiable,” she tells GlobeSt.com. “Although there is always a foreign market, rentals were not as strong because tenant preference was to purchase a home. Rentals were populated by those who were temporary—looking to save money for a down payment on a condominium or coop or who could not afford to buy.”

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