Valuing a MF in New York City

[Alison Ostendorf]

All of you that have actually worked in NYC and have gone through any "works anywhere" training program know that NYC is a very specialized market and things are just done differently here.

I would like to know what you all consider the best way to come up with a current value and after repair value for a multifamily property IN NYC specifically.  Comps?  A cap rate?  If a cap rate, a cap rate based on what exactly?

Please indicate your experience in the NYC market in your answers.  THANK YOU.