April 17,2022. Real Estate Update

As appeared in Wueens Chronical On real estate, the second wave is already on its way. The first two years of Corona virus killed the restaurant businesses and most retail businesses. It also slowed down the housing market. Many landlords couldn’t collect their rents and in addition the new rent stabilization law, passed several years ago, is making the sales of such buildings less attractive, virtually keeping investors away totally from purchasing. Now with inflation and mortgage rates going up, investors are left with few little choices to buy. The old multiple used by investors of 10 to 12 times income will go down. The best investment to purchase in the future is a detached commercial property with parking and anchor tenants paying going rents. That multiple will be 15 times the yearly income in the coming days ahead. It’s guaranteed that going rents, plus tenants paying toward taxes, will be the No. 1 investment for any investor. With 43 years in the business and as the author of hundreds of local articles, I’ve had my finger on the pulse for decades. James Turano 1-347/837-9206 Middle Village QueensChronicle.com