Operation Expense Ratio for New multifamily in Brooklyn 150 units?

Hey Guys,

Does someone know what should be the operation expenses ratio for high rise multifamily of about 150 units in Brooklyn?

Thanks,

Alex

7 Comments
 

Brooklyn is a big place even within the luxury highrise sector, so it depends on a lot of variables like neighborhood and if there's a tax abatement or other affordability structure in place. I've seen everywhere from 25-45% (brokers will obv tell you on the low end if not lower). Are you underwriting or just trying to compare assets?

 

Any tax abatements?

For new construction I usually use 30%, 45% is usually too high if it's a modern building. 20% if there's a tax abatement.

You should be able to look up comps in the area and see what kind of expenses, taxes; et those buildings had.

 

(Typically) tenants in new construction only pay base rent. There may be miscellaneous charges for parking, storage, misc. What kind of amenity package are you assuming for this development? Without knowing much, I would echo what others have said, should be somewhere between 30% - 35%. I haven't been involved with a 150 unit complex, but I would imagine there are economies of scale with the larger developments. Given that, I would anticipate the expense ratio to be on the lower end.

 

Molestias omnis blanditiis sit atque porro et. Qui enim saepe quas nulla vitae vero et. Modi harum aut quod placeat fuga eveniet. Nam facere quibusdam ea sed.

Nulla temporibus nam excepturi voluptates magni dicta. Ipsum est odit temporibus aut exercitationem reiciendis. Illum minus odit id autem ut. Dolorum ea impedit ut rem expedita consequuntur. Enim ipsam reprehenderit ratione delectus aliquam animi.

Voluptates tempora quis et cumque perspiciatis placeat voluptas minus. Rerum sunt deserunt dolore recusandae quia quis et. Quasi in dolorem facere aut eius in illo illum. Omnis qui consequuntur quo omnis ut iusto.

Career Advancement Opportunities

November 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • JPMorgan 01 98.4%
  • Guggenheim Partners 02 97.9%
  • Morgan Stanley 06 97.4%

Overall Employee Satisfaction

November 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 99.0%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 13 97.4%

Professional Growth Opportunities

November 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • Morgan Stanley 05 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.4%

Total Avg Compensation

November 2026 Investment Banking

  • Vice President (16) $429
  • Associates (57) $264
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (28) $184
  • Intern/Summer Associate (16) $161
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (76) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”