As the title says I am looking at a new office deal in the NYC FiDi. It is a Class A asset, I am just curious what those of you who work in the city are seeing for cap rates in the area. The information I have seen don't really corelate as they are either C class assets or the information seems pretty out dated. I know there haven't been many transactions but, what are offers being presented at for opportunities in the submarket?
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PEarbitrage, have you checked out these or run a search:
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Fingers crossed that one of those helps you.
I swear real estate has the biggest collection of the dumbest people in finance.
This may be true. I guess it depends on how you define dumb. The average individual in real estate finance will make more in the career than the average ibanker. But I guess if you define dumb as making more money putting in less hours over your career then yes, there are more dumb people in real estate.
That doesn't sound right, but props if it's true
4-5
Depending on credit quality of tenants, preleasing, etc. 4.5% approx
This is right, as I'm looking at an appraisal for a big Class A in midtown right now, but also have a loan off Wall St.
Thanks, midtown is a different market as you know. Just making sure my assumptions are in the reality and I am not chasing something with assumptions on a completely different playing field.
Thanks, that is roughtly what I was working off as an assumption, 4.75 to be exact so that is good news.
Too low for Fidi. World Trade Center buildings aside, FiDi is a "weak" office market. I'd go with a 5% cap
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