Exact(4)
But there is "a great quantity of studio, one-bedroom and two-bedroom apartments," according to Barbara Corcoran, a broker active in the area.
The economics driving conversion are compelling in areas zoned for housing or likely to be rezoned, said Richard Maltz, chairman of Greiner-Maltz, an industrial and commercial broker active in Queens, Brooklyn and Long Island.
One broker active in northern Manhattan and the Bronx, Robert Chambré of Chambré & Company, said multiples had risen to a range of 6 to 7.5 times the rent roll in the Bronx and to 7 to 8 times in Washington Heights.
Mary Bayat, a broker active in the Washington, D.C., market and chairwoman-elect of the Northern Virginia Assn. of Realtors, said that in the last few weeks she has participated in three deals involving sellers who were far more open to negotiations than they had been months ago.
Similar(56)
But brokers active in the community said the property eventually went for $7.65 million to a Korean investor, Ui Kun Lee.
The firm signed leases last year with Bank of Scotland and Centerline for as much as $150 a square foot, brokers active at the tower said.
Midtown rents have declined about 10percentto to about $43 a square foot for the most expensive buildings, according to brokers active in the area.
DeLoach argues that the administration's approach will discourage some lenders from dealing with brokers in general and leave fewer brokers active in the market, thereby reducing competition in the marketplace, especially in areas with significant minority populations.
Brokers active in a market are more sensitive to changes in building classifications, said Matthew Barlow, an executive managing director of Julien J. Studley, a brokerage that has traditionally represented tenants.
Brokers active in the area said that that part of the city had been so designated on old maps, but that the term had fallen into disuse when the area was remapped and the streets named for historical figures such as Richard Varick, mayor of New York City from 1789 to 1801; Rip Van Dam, a Dutch-era governor; and William Houston, a delegate to the Continental Congress.
Several real estate brokers active in Lower Manhattan, and the head of the area's major business group, said they were not aware of any other lease signed for retail space in the area by a business that had not been there before Sept. 11.
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