Wait, rent concessions in Brooklyn are going down now? Sugar Hill’s David Schwartz tells panel that amount his company gives is dropping
From left: Adam Hess, Albert Dweck, David Schwartz, Jordan Vogel (Credit: Eddie Small for The Real Deal)
Despite month after month of record-high concessions in Brooklyn, Sugar Hill Capital Partners co-founder David Schwartz said at a panel on Wednesday that his company was actually starting to see them go down.
“Recently, we started to see rents stabilize,” Schwar新上海贵族宝贝论坛 tz said. “I上海贵族宝贝交流区 t doesn’t mean we’re not having to give concessions, but even the amount of concessions that we have to give is starting to decline.”
Schwartz sat on a panel with Duke Properties CEO Albert Dweck, Benchmark Real Estate Group co-founder Jordan Vogel and TerraCRG broker Adam Hess at TerraCRG’s Only Brooklyn event on Wednesday, where they discussed the borough s multifamily market. The conversation touched on issu上海千花网论坛 es ranging from concessions to co-living to the perennial question of the borough’s next hot neighborhood.
Despite concessions becoming a seemingly permanent fact of life in the borough, Vogel maintained that there was an undersupply of apartments in Brooklyn, particularly when it came to renovated units. He also said that landlords could still do well financially despite giving tenants a month or two of free rent, noting that they can walk away from the deal getting $90 per square foot.
“We all like to complain because we’re in New York City[……]Continue Reading