New York: In the Spotlight
New York state is a prime location for multifamily and apartment lending. Not only is it home to New York City, but it is also home to tons of colleges and universities, creating ripe opportunities for student housing. The state of New York has a population of 19.5 million residents and the property values and household incomes are on the rise. The New York City metro area is home to over 9 million of the state’s residents, and the state has a median age that is lower than most in the area.
- Adirondack Park covers 28 million acres, making it the largest national park in the country, excluding Alaska.
- The average household income in New York is $33,562, lower than most states
- The median age in New York is 39
- New York has more than 9.19 million employees
- JP Morgan Chase, IBM, and PepsiCo are the largest employers in the state
- The NYC government is among the largest employers in the state, as well
New York Apartment Loan and Multifamily Property Facts
New York is bouncing back, like several states, despite the recent pandemic and its effect on commercial real estate. The state saw $2.09 billion in sales for 2020, with 62 transactions that comprised a total of 127 buildings. Although it was a slight decrease from 2019, the state took much less of a hit than many.
- The median sales price is up 23% in the first quarter of 2021
- New York City had more than 70% of all commercial real estate transactions
- As the pandemic pushes people out of heavily populated areas like NYC, the suburbs are seeing an increase in multifamily units and population growth.
- Submarket sales dropped 10% in 2020, but are already up by significant values in 2021.
- The top five transactions for 2021 range from $8.3 million to $18.1 million
As mentioned, people are leaving the city, and while the market is still doing fairly well there, it will only be a matter of time before there’s a bigger demand outside of the bright lights of Broadway and Sak’s Fifth Avenue. Fortunately, if you get in the market now with a commercial apartment loan, you’ll be able to get a great deal and start making money in a growing market.
New York Apartment Loan and Lending Options
In the state of New York, there are several different financing options for apartment loans and commercial real estate. We have the tools available to work with all types of loans, lenders, and financing solutions, ensuring that you get everything that you need. We can help with New York apartment financing like:
- Conventional apartment loans
- Fannie Mae apartment financing
- Freddie Mac apartment financing
- FHA/HUD financing
- Mezzanine financing
- CMBS loans
- Bridge loans
- Apartment construction loans
- And more!
Finance Your New York Apartment Building Now
Count on the Apartment.loans team, as we specialize in New York apartment loans and commercial real estate funding. We can help you get the financing that you need for your standard apartment investment, or even help with value-add opportunities and ground-up developments. We have solutions for every investment option and have experience in all kinds of markets throughout New York state.
With the help of our experienced team, you will be able to get the loan you need quickly and easily, regardless of whether that’s a basic loan or a special request. Just let us know how we can help, and we’ll make it easy to take your investments to the next level with New York apartment loans. To get started or learn more, contact our New York Apartment Lending Specialists at [email protected] or (800) 567-9631.
Apartment loans from $750,000 and up.