With the passage of the Tax Cuts and Jobs Act of 2017 in December, some real estate experts are predicting that the major cut to corporate taxes along with more individuals looking to rent than buy will lead to a big uptick in New York City’s multifamily market.
Multifamily building owners will be looking to sell, especially in established neighborhoods of Brooklyn, said Adam Hess, a partner at TerraCRG, the commercial real estate firm that focuses solely on Brooklyn.
Hess, who leads the multifamily investment sales division, said the tax bill will act as a catalyst for much higher sales volume in the market, especially in the second quarter of this year.
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