While underwriting and negotiating deals in Astoria and Long Island City, a few things keep showing up.

Smaller multifamily buildings under 10 units are still moving, but the math has to be clean. Buyers who rely on aggressive rent growth are struggling to get comfortable. Deals that work with today’s rents and realistic expenses are the ones getting traction.

On the mid-size side, especially 20 to 75 unit buildings, sellers are slowly adjusting expectations. Cap rates are widening a bit, but not across the board. Buildings with clean rent rolls and limited regulatory exposure still trade, while everything else sits.

One thing that stands out is how block-specific this submarket is. Two properties a few streets apart can underwrite very differently. Knowing the micro-location matters more than broad market headlines.