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The average cap rate on Manhattan apartment buildings declined to just 4.4 in Q1, the lowest...

The average cap rate on Manhattan apartment buildings declined to just 4.4 in Q1, the lowest level since 2005 as rents increased 7.1% Y/Y. With the cost of financing pretty close to that 4.4 figure, rents better continue to increase as that's the only way landlords will make money. Among the buyers is a new entrant into the NYC market, UDR.
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