Multifamily Rocketship

Mortgage rates are at their highest since 2008. This has pushed more would-be homeowners into the multifamily market. That’s proving a boon for investors and developers. Case in point: New York’s Planning Commission advanced a 2,700-unit development in Queens.?

—Tom Acitelli?

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Mortgage Rates Slay Single-Family Market But Power Multifamily Development

Rising interest rates are killing the single-family housing market, which in turn is powering a multifamily construction boom at a level not seen since 1986. Nationally, permits to build multifamily housing, which included rental units, jumped 28 percent in August compared to July, while permits for single-family dwellings were up just 3.5 percent, according to a report released Tuesday by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

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Innovation QNS Development Gets Nod from City Planning Commission

The?New York City Planning Commission?approved plans for a 2.7 million-square-foot mixed-use development in Astoria, Queens, dubbed?Innovation QNS, even after the project was shot down by the borough president and local community board.

City Planning approved the plan by a vote of 10 to 3 on Wednesday morning, with City Planning Commission chair?Dan Garodnick?lauding the plan as something that will stimulate the local economy, providing not only a number of affordable dwellings built without any city subsidies, but also jobs and green space.

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Five Iron Golf Swings for 30K SF in Murray Hill

Five Iron Golf?swung big with a deal for its sixth location in New York City.

The indoor golf company teed up a 30,000-square-foot, 15-year lease for part of the third floor of?H.J. Kalikow & Company’s?101 Park Avenue?between East 40th and East 41st streets, according to Five Iron. The landlord declined to provide the asking rents.

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