New York City, NY · Member since 2013 · 6 posts · 0 votes
Hi,
I have a question about the valuation of properties in Bushwick,Brooklyn. I believe the NYC market is different and we can't use the 2/50% rule here. Is there Anyone who is familiar with the current market who can share about what you think a property in the more gentrified area of Bushwick ( near the M train around Central Ave) cap rate or price per sq ft should be?
@Ryan Ong I just took a quick look on REIS, and was surprised to see Cap Rates in the 6-6.5% range in Kings County. Didn't break out submarkets, but there are a lot of transactions in there, and I'm pretty surprised to see it that high.
Hey Ryan, I think you should treat Bushwick as a cashflow endeavor. If you can get the rent then as they "You good money." The Central Ave, Ridgewood area has constant retail activity but that's as much as I can say toward potential revenue in the area. It's really a different animal and one needs to peek in to know why. There is always an opportunity.