Author: ipgocorp

NEW YORK, NY – A ranking of the top U.S. metropolitan areas by the dollar amount of construction starts for commercial and multifamily buildings shows that the New York NY metropolitan area continued to lead the nation during the first half of 2016, according to Dodge Data & Analytics.  However, this year’s volume for New York City, at $13.7 billion, was down 34% from the robust $20.9 billion reported for the same period a year ago.  The other metropolitan areas in the top 10 were all able to register sizeable increases compared to last year.  For the metropolitan areas ranked 11 through 20, five showed a greater dollar amount for construction starts during this year’s first half, while five showed declines, including a 44% drop for Houston TX. The national total for commercial and multifamily construction starts during the first half of 2016 was $80.6 billion, down 5% from the volume in last year’s first half, yet still 22% above what was reported during the first half of 2014.

Rounding out the top five metropolitan areas during the January-June period of 2016, with their percent change from the same period a year ago, were the following – Los Angeles CA, $4.6 billion, up 62%; Chicago IL, $3.6 billion, up 37%; Miami FL, $3.5 billion, up 14%; and Washington DC, $3.2 billion, up 27%.  Metropolitan areas ranked 6 through 10 were – Boston MA, $2.9 billion, up 31%; Dallas-Ft. Worth TX, $2.8 billion, up 27%; San Francisco CA, $2.5 billion, up 128%; Atlanta GA, $2.2 billion, up 69%; and Denver CO, $2.0 billion, up 11%.

The commercial and multifamily total is comprised of office buildings, stores, hotels, warehouses, garages and service stations, and multifamily housing.  At the national level, the 5% drop for the commercial and multifamily total during the first half of 2016 was the result of similar declines for commercial building, down 5%; and multifamily housing, down 4%.  A year earlier, the first half of 2015 had shown substantial gains, with these increases relative to the first half of 2014 – the commercial and multifamily total, up 28%; commercial building, up 20%; and multifamily housing, up 38%.

“Several points can be made to put the moderate decline for first half 2016 commercial and multifamily construction starts at the U.S. level into the proper perspective,” stated Robert A. Murray, chief economist for Dodge Data & Analytics. “First, the comparison is being made against the heightened levels that were reported during the first half of 2015, which were lifted by the start of several unusually large projects.  These included nine projects valued at $500 million or more that together summed to $7.6 billion, led by three projects located in New York NY – the $2.5 billion 30 Hudson Yards office-retail building, the $1.2 billion One Manhattan West office tower, and the $840 million 55 Hudson Yards office tower.  By contrast, there were only two projects valued at $500 million or more that were included as construction starts during the first half of 2016, namely the $500 million Beverly Center retail renovation in Los Angeles CA and the $500 million One Bennett Park multifamily tower in Chicago IL. If projects valued at $500 million or more are excluded, then commercial and multifamily construction starts in this year’s first half would be up 4%.”

“Second, the New York NY metropolitan area registered an exceptional level of construction starts in the first half of 2015 which was not likely to be sustained.  In the first half of 2015, the $20.9 billion of commercial and multifamily construction starts in the New York NY metropolitan area comprised 25% of the national amount, and in the first half of 2016 that share dropped to 17%.  During the previous fifteen years, commercial and multifamily construction starts in the New York NY metropolitan area averaged 11% of the national amount.  The level of construction starts in the New York NY metropolitan area has recently been supported by luxury multifamily high-rises, the massive Hudson Yards development, foreign investment in New York City real estate, and the push during 2015 by developers to get multifamily projects started prior to the loss of the incentives under the 421-a program, which expired in January 2016.”

“Third, the pattern of commercial and multifamily construction starts is now showing broader participation geographically.  The surge of development in the New York NY metropolitan area has helped to lift the national total so far this decade, including New York’s 67% hike for full year 2015 that raised the annual increase for the nation to 12%.  Excluding the New York NY metropolitan area, the 2015 full year increase for the nation would have been just 4%.  At the same time, this year’s first half retreat for the New York NY metropolitan area led to the declines at the national level – if the New York NY metropolitan area is excluded, commercial and multifamily construction starts would have shown a 5% increase, with commercial building up 4% and multifamily housing up 6%.  Metropolitan areas that had been slow to join the recovery process, such as Los Angeles, Chicago, San Francisco, Atlanta, and Denver, are now seeing considerable gains in 2016 for commercial and multifamily construction starts.  Meanwhile, markets such as Miami, Washington DC, Boston, and Dallas-Ft. Worth, which had been early participants in the recovery process, continue to see strengthening activity in 2016.  This has outweighed the weaker activity that’s been reported in Houston, adversely affected by the slowdown in the nation’s energy sector, as well as by the first half 2016 pullback for several tech-related markets such as Seattle, Austin, and San Jose following their elevated performance in 2014 and 2015.”

“Fourth, while the environment for commercial and multifamily construction may not be quite as favorable as in recent years, there are still positive factors that should support development.  According to the quarterly survey of bank lending officers conducted by the Federal Reserve, lending standards for commercial real estate loans showed some tightening during the latter half of 2015 that’s continued into 2016.  Even so, the Federal Reserve survey indicates that bank lending officers continued to see greater demand for commercial real estate loans during this period.  Vacancy rates remain generally low, suggesting that increased construction activity has not yet led to oversupply in most markets.  And, the recent improvement in the employment statistics should benefit the demand for multifamily housing and office buildings, especially in those markets that have been slow to join the recovery.”

The 34% decline for the New York NY metropolitan area during the first half of 2016 was the result of diminished activity for both commercial building, down 45%, and multifamily housing, down 26%, from the exceptionally high amounts of a year ago.  The first half 2016 levels were still well above the first half of 2014, with the commercial and multifamily total up 37% based on gains of 43% for commercial building and 33% for multifamily housing.  In 2015 the first half of the year included seven projects valued at $500 million or more, led by the $2.5 billion 30 Hudson Yards office-retail building.  By contrast, the largest project reported as a construction start during the first half of 2016 was a $475 million multifamily high-rise located in Jersey City NJ.  The 45% decline for commercial building in the first half of 2016 reflected sharply reduced construction activity for offices and stores, which was offset to a small extent by a 74% jump for hotels.  Large hotel projects that reached groundbreaking so far in 2016 were the $205 million Marriott Moxy Hotel and the $109 million Renaissance Hotel.  The largest office project that reached groundbreaking so far in 2016 was the $191 million Brooklyn Navy Yard Dock 72 office building.  The 26% drop for multifamily construction starts in dollar terms during the first half of 2016 reflected generally less costly projects than last year, as the number of multifamily projects was down just 3% year-to-date.

The Los Angeles CA metropolitan area had a particularly strong first half of 2016, soaring 62% compared to a year ago, with commercial building up 64% and multifamily housing up 60%.  Leading the way for the commercial sector was the $500 million retail renovation of the Beverly Center in Los Angeles, followed by the $178 million Broadcom Research and Development Campus in Irvine, a $93 million hotel in West Hollywood, an $81 million office building in Irvine, and the $50 million renovation of the US Bank Tower in Los Angeles.  For multifamily housing, there were five projects valued at $100 million or more that reached groundbreaking during the first half of 2016, led by the $493 million multifamily portion of the $600 million Century Plaza in Century City and the $275 million multifamily portion of a $300 million mixed-use development in Los Angeles.

The 37% increase for the Chicago IL metropolitan area during the first half of 2016 was due to an especially sharp 96% jump for multifamily housing, while the commercial sector receded 2%.  There were six multifamily projects valued at $100 million or more that reached groundbreaking, led by the $500 million One Bennett Park high-rise, the $237 million Gallery on Wells high-rise, and the $209 million Alta Roosevelt high-rise.  The slight decline for commercial building was due largely to a reduced amount for office construction, which last year included the start of the $500 million 150 North Riverside office tower.  The largest office project that reached groundbreaking so far in 2016 was the $223 million CNA Financial headquarters.  Other noteworthy commercial projects that reached groundbreaking during the first half of 2016 were the $110 million Evergreen Plaza Mall and the $95 million M&M/Mars Wrigley distribution center.

The Miami FL metropolitan area continued to advance during the first half of 2016, with its 14% commercial and multifamily gain reflecting similar increases for multifamily housing, up 14%; and commercial building, up 13%.  There were four large multifamily projects that reached groundbreaking – the $305 million Armani/Casa Condominiums, the $243 million Paramount Tower at Miami World Center, the $233 million Gran Paraiso Bay condominium high-rise phase 2, and a $116 million apartment high-rise.  Noteworthy commercial projects included the $105 million addition to the Aventura Mall and the $96 million United Technologies Center for Intelligent Buildings.

The Washington DC metropolitan area’s 27% increase for commercial and multifamily construction starts during the first half of 2016 was due to a sharp gain for commercial building, up 99%, which outweighed a 19% drop for multifamily housing.  There were five large office projects that reached groundbreaking – the $266 million 655 New York Avenue office building, the $172 million addition to the Fannie Mae office building, a $150 million military office building at Fort Belvoir VA, the $139 million Department of Homeland Security office building (phase 2, involving the adaptive re-use of the Historic Center Building), and the $120 million Capitol Crossing building.  Several large hotel projects reached groundbreaking during the first half of 2016, including the $106 million hotel portion of the $230 million Columbia Place hotel and multifamily housing mixed-use facility.

(RECAP: Fannie Mae and its cousin, Freddie Mac, are once again headed for trouble. In fact, there’s almost no way around it. On Jan. 1, 2018, the two government-sponsored enterprises will officially run out of capital under the current terms of their bailout. After that, any losses would be shouldered by taxpayers. Granted, few people are predicting a disaster like the one in 2008, when the GSEs had to be thrown a $187.5 billion federal lifeline. But eight years later, people still don’t agree on what to do with these wards of the state. In Washington and on Wall Street, the fight over Fannie and Freddie drags on. The stakes are high. Earlier this month, the Federal Housing Finance Agency, which oversees the GSEs, said Fannie and Freddie might need a $126 billion rescue if the economy were to stumble hard again.)

REDWOOD CITY, CA – Apartment Investment and Management Company (Aimco) announced that it completed the acquisition of Indigo in Redwood City, California. The $320 million acquisition was primarily funded with 1031 like-kind exchange proceeds from sales completed earlier this year.

Indigo is a newly completed, ten-story luxury community of 416 well-appointed apartment homes featuring high ceilings, hardwood flooring, oversized windows, contemporary kitchens with designer hardwood cabinetry with many apartments accented by private patios or balconies. Indigo also offers 47 penthouse level units with exclusive 10th floor access and upgraded designer finishes.

Indigo’s location within downtown Redwood City is approximately 25 miles southeast of San Francisco and on the northern edge of Silicon Valley, with access to both via CalTrain and adjoining freeways. Downtown Redwood City serves as a focal point of the larger surrounding residential community, with a thriving restaurant, entertainment, and cultural scene, as well as a growing community of technology related jobs.

“The acquisition of Indigo expands our presence in the Bay Area and the desirable Silicon Valley submarket close to transportation, job centers, SFO and Stanford University,” said Aimco Chief Investment Officer John Bezzant. “Our residents will benefit from Indigo’s convenient location and nearby recreational and entertainment options while enjoying all the comforts of upscale apartment living.”

Indigo offers residents extensive onsite amenities including an 18,000 square foot sundeck with a saltwater swimming pool, outdoor workout space and spa with an adjacent indoor fitness center including a yoga and spin studio. Social gathering spaces include an open air cabana lounge with a fireplace and an outdoor theater.

The first residents moved into their newly constructed homes in July and the community is currently 27% leased.

LOS ANGELES, CA – RealtyMogul.com, a leading online marketplace for commercial real estate investing, announced the launch of its first commercial real estate fund, MogulREIT I. Structured as a real estate investment trust (“REIT”) with a minimum investment of $2,500, the fund is open to nearly all investors and offers the potential for consistent cash dividends and equity appreciation.

MogulREIT I has been designed to offer investors a number of distinct advantages. By investing in the “REIT,” investors will gain access to a diversified pool of commercial real estate investments with one single investment. The fund intends to invest in a variety of commercial real estate, including multifamily, retail, self-storage and office.

The fund is also designed to have low fees. Traditional non-traded “REITs” employ a highly manpower-intensive sales method, resulting in upfront sales commissions of 7 percent, on average, and total expenses of up to 15 percent. By offering MogulREIT I exclusively on its platform, RealtyMogul.com affords investors direct online access to the product with no sales commission and offering expenses capped at 3 percent.

“Beyond the zero commissions and lower fees, the fund’s strategy is exciting because it allows us to leverage RealtyMogul.com’s hundreds of inbound inquiries for financing on commercial real estate and curate them to find suitable opportunities,” said RealtyMogul.com CEO Jilliene Helman.

Within the universe of commercial real estate investing, RealtyMogul.com’s experienced real estate team takes a relatively conservative approach when selecting transactions to offer for investment: the platform only invests in cash-flowing properties and won’t invest in land or ground up development transactions. This approach will carry through to MogulREIT I.

“Through a flexible investment strategy, we can invest in both debt and equity as well as various property types and geographies, allowing us to be opportunistic. We’re looking forward to executing against our twofold objective for the fund: providing investors with both consistent cash distributions and the opportunity to benefit from potential appreciation in property values,” added Helman.

The launch of the “REIT” marks a new wave of opportunity to invest in real estate. Until recently, private investment markets have been off-limits to the majority of retail investors. However, recent legislation like Regulation A+ and Title III of the JOBS Act has leveled the playing field by allowing non-accredited investors making less than $200,000 per year to access these investment opportunities through online crowdfunding. Through Reg A+, MogulREIT I gives nearly all investors a new entrance to curated and pre-vetted private real estate investing.

“Our members have demonstrated a clear appetite for a range of real estate investments, and we’re proud to be able to provide that opportunity to even more investors through our first ‘REIT’ offering,” said Helman.

In May, RealtyMogul.com announced that, since its inception in 2013, the platform had surpassed $200 million in crowdfunded real estate equity and debt transactions.

NEW YORK, NY – Greystone Development, a New York-based real estate development company, in a joint venture with Prime Rok Real Estate, a Midtown-based developer, revealed the proposed plans for transforming landmarked Beaux-Arts building 164 West 74th Street to residential condominiums. Located on 74th Street between Amsterdam and Columbus Avenues, the eight-story building is comprised of approximately 30,000 gross square feet.

Greystone Development carefully assembled a team of experts to transform the unique and notable property, with design efforts led by esteemed Architect Barry Rice. This is Rice’s second collaboration with Greystone. Interior Designer Maureen McDermott of Winter McDermott Design worked in collaboration with Rice, and was tasked with creating a vision for the interior suitable for the historic building. Greystone Development has also tapped Stribling Marketing Associates to exclusively handle the sales efforts for the building. Alexa Lambert will head the sales effort, bringing decades of experience in new development uptown. Stribling Marketing Associates will collaborate with Greystone Development Marketing for the marketing of the project.

The existing façade is reminiscent of turn-of-the-century architecture in Europe, “La Belle Époque”. The proposed plan illustrates a south-facing, rear façade, inspired by the Grand Courtyards of Europe, as well as many notable Upper West Side Residential Properties. It will take a chevron shape, have a steel frame and be further articulated with Juliet balconies and terraces, chosen for both form and function – the design will immerse the residences in light and air. The balconies, railings and windows will be clad in metal, which is a familiar element in the neighborhood and recalls the Upper West Side’s neoclassical aesthetic.

This expert team of Winter McDermott Design and Barry Rice Architects has successfully taken 164 West 74th street into the current century, giving the property a contemporary feel, while also maintaining the “fin de siècle”. This will be experienced throughout the building as the lobby floor reinterprets the Versailles courtyard.

“We plan to renew this exquisite building and celebrate its original glory,” Rice stated. “We chose materials that are contemporary and contextual to the Upper West Side and also rooted in the original Beaux-Arts period. This has been a meticulous exploration into the original turn of the century architecture as sources for inspiration and reference. The result will be a beautiful, classically-inspired building that suits contemporary living.”

For the proposed interior design, Maureen McDermott of Winter McDermott Design selected a palette of materials that reflects the same genre and caliber of the materials used in the original building. The planned interiors are contemporary, but with traditional roots that pay respect to the building’s rich history.

“164 West 74th Street is similar to many of my other residential projects where the exterior is classic and traditional, but the interior is contemporary. For me, it’s the constant study of the traditional and the contemporary that creates an exciting dynamic,” Maureen McDermott stated. “Thus, resulting in a home with modern conveniences with but with sophisticated detailing, a home that feels bespoke and singular.”

Maureen McDermott has extensive experience incorporating architectural elements into her interior designs. She previously worked for Vicente Wolf Associates on the revitalization of the historic 15 Union Square West, where seamlessly incorporating original elements of the building into the design was of the upmost importance.

“We are very excited to collaborate with this team of experts. Each member brings a high-level of knowledge and expertise to the development,” said Jeffrey Simpson, head of Greystone Development. “We look forward to transforming this unique and historically rich building into thoughtfully designed residences that are fit for modern dwellers, while still maintaining the classic elegance of the Upper West Side architecture.”

NEW YORK, NY – Mortgage rates posted only subtle movements this week, with the benchmark 30-year fixed mortgage rate holding at 3.56 percent for a third consecutive week, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.25 discount and origination points.

The larger jumbo 30-year fixed nudged higher from last week’s record low to 3.61 percent, while the average 15-year fixed mortgage rate was unchanged from last week at 2.84 percent. Adjustable mortgage rates were slightly changed, with the 5-year ARM nosing higher to 3.05 percent and the 7-year ARM stepping back to 3.25 percent.  

It was another week of little movement and no clear trend in mortgage rates, as there were no blockbuster economic releases or major Federal Reserve pronouncements. There was a little bit of jawboning from the Fed about the possibility of interest rate hikes before year-end, but the July meeting minutes that were released showed this was far from a consensus view. While markets have bumped up expectations of an interest rate hike by the end of the year, the effect on mortgage rates to this point has been nil. Unless, or until, Fed Chair Janet Yellen sends a clear message, mortgage rates appear to be range bound.

At the current average 30-year fixed mortgage rate of 3.56 percent, the monthly payment for a $200,000 loan is $904.80.

SURVEY RESULTS

30-year fixed: 3.56% — unchanged from last week (avg. points: 0.25)

15-year fixed: 2.84% — unchanged from last week (avg. points: 0.19)

5/1 ARM: 3.05% — up from 3.04% last week (avg. points: 0.27)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets.

For a full analysis of this week’s move in mortgage rates, go to www.bankrate.com

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. Three-quarters of the panelists expect mortgage rates will remain more or less unchanged over the next week, while the other 25 percent forecast an increase. Interestingly, none of this week’s respondents predicts a decline in mortgage rates over the next seven days.

(RECAP: A decision on a much-scrutinized Midlothian mixed-use development won’t be made for at least another two months – nearly a year and a half since the project was first proposed. Blackwood Development’s proposed Winterfield Crossing project – a mix of 250 age-restricted apartments and 100,000 square feet of commercial space that would fill 25 acres along Midlothian Turnpike – was deferred Tuesday night by the Chesterfield County Planning Commission, which will take the case up at its Oct. 18 meeting. The deferral is the latest of many for the $40 million project, which was first submitted to the county in May 2015. An earlier version of the project received the commission’s endorsement last November, but county supervisors sent the case back to the commission in January, citing “a significant amount of opposition and misinformation about the case in the community.”)

LOS ANGELES, CA – CIM Group announced today that it has commenced construction of a 34-story apartment tower with 6,000 square feet of ground floor retail space and a public pocket park at 888 S. Hope Street in downtown Los Angeles.

The building is rising at the corner of 9th Street and Hope, adjacent to a seven-story, 654-stall parking structure completed by CIM that includes a 5,000-square foot Petco.

The 525-unit apartment tower will offer contemporary residences ranging in sizes and floor plans, and will feature many large communal gathering spots. A 30,000-square-foot rooftop deck atop the parking structure, accessed from the apartment building’s eighth floor, is designed with an outdoor pool, lounge, garden and other green spaces and recreation areas. In addition, the 34th floor of the building will include a lounge and a large outdoor terrace.

888 S. Hope is located in the heart of the popular South Park district, a walkable downtown neighborhood that provides many shopping, dining and entertainment options including the Ralphs supermarket and other retailers across the street in a property also developed by CIM.

CIM has a long history as an investor and developer in downtown Los Angeles when it identified the area as being underserved in residential and retail offerings. The company has renovated and repositioned numerous assets, including the Flower Street Lofts condominiums, which were the first condominiums developed under the city’s adaptive reuse ordinance, followed by the adaptive conversion of the former Gas Company office buildings into the Gas Company Lofts apartments, and Sky Lofts at 801 S. Grand. CIM also completed ground-up developments including the Market Lofts and retail that includes the Ralphs supermarket.

PHOENIX, AZ – McFarlin Group and Surpass Senior Living announced five senior living, assisted living and memory care community developments in the greater Phoenix Metroplex. McFarlin Group is the developer of the properties and Surpass Senior Living is the operator. The properties consist of senior living, assisted living and memory care with the first project opening later this year in Gilbert. Properties are currently under construction in Gilbert, Surprise, Mesa and Phoenix. Each property is called Mariposa Point and will employ approximately 45 people at each property when completed.

The firm plans to build an additional 204 units of senior living adjacent to the Mariposa Point of Gilbert assisted living and memory care community that is nearly 70% complete and opening later this year.

Mariposa Point of Gilbert is located on a 5-acre tract at 1445 E. Willis Road in Gilbert at the southwest corner of S. Val Vista Drive and Willis Road, just south of the 202 and across from Gilbert Mercy Medical Center. The property will contain 83 units and will be licensed for over 120 residents. Rebecca Dice, Executive Director and Leslie Davis, Director of Sales and Marketing were hired earlier this month to coordinate the hiring of an additional 40+ team members needed to operate the community and to pre-lease the apartments.

Mariposa Point of Surprise is located on a 6-acre tract at 16650 North Stadium Way in Surprise at the southeast corner of N Parkview Place and W. Young Street, just south of Bell Road and nearby Surprise Stadium. The property will consist of 76 units of assisted living and will be licensed for over 100 residents. The property is 50% complete with construction and will open late Winter 2016.    

Mariposa Point of Mesa is located on a 6-acre tract at 1248 S. Crismon Road in Mesa at the southwest corner of E. Southern Avenue and S. Crismon Road and across from Mountain Vista Medical Center. The property will consist of 83 units of assisted living and memory care and will be licensed for over 120 residents. Construction commenced in July 2016 and plans to open Spring 2017.    

Mariposa Point at Algodón Center is located on a 6.5-acre tract at the northwest N. 91st Avenue and W. Thomas Road in Phoenix and across from Banner Estrella Medical Center in the Algodón Medical Center. The property will consist of over 80 units of assisted living and memory care and will be licensed for over 120 residents. Construction will commence later this year with completion planned for late 2017.    

“We are excited about our significant investment and job creation in Phoenix and feel that we have chosen markets that are not only experiencing tremendous growth potential, but that are in need of quality senior care,” said Melinda Hawkins, Vice President of Operations with Surpass Senor Living. “We have the passion and expertise to provide seniors with communities that will not only enhance and enrich their lives, but also provide premium services at a moderate price point.”

“We feel Phoenix offers a lot of potential for Surpass Senior Living driven by the job growth and demographic trends. Surpass Senior Living is truly an innovative operator of senior communities and will offer an innovative approach to all facets of management, operations and resident programming. We are excited to serve seniors at each Mariposa Point property within Phoenix,” said Preston Smith, Regional Director of Sales & Marketing for Surpass Senior Living.

Surpass Senior Living manages three other projects in Texas and its people have over six decades of experience in senior living.

“Each community will serve seniors needing assisted living care and also include a separate secured wing to serve Alzheimer’s and/or dementia care residents. The Mariposa Point communities feature beautifully landscaped interior courtyards, private dining amenities, special event venues, therapy rooms, a salon and much more. Additional services provided to residents include daily activities, transportation, wellness programs, weekly linen and housekeeping services and assistance with activities of daily living,” said Josh Rosen, Principal of McFarlin Group.

(RECAP: The housing crunch, which has been driving up prices for the few houses on the market and leaving a whole lot of wannabe homeowners outbid and frustrated, is expected to get even worse this year. That’s according to the latest report on new construction in the U.S. Builders applied for fewer permits to construct new homes in July—which is a pretty good indication that fewer residences will go up in the coming months. The 95,800 permits represented a 7.2% drop from a year ago and was down 16.3% from June, according to the U.S. Department of Commerce’s monthly new residential construction report. It isn’t just single-family homes that aren’t going up. Despite the dearth of affordable rentals on the market, the number of permits to put up multi-family dwellings (i.e. rentals, condos and co-ops), tumbled 6.9% from last year and 12.7% from June, according to the report.)