It’s early on a sunny June morning at the corner of East Washington Avenue and South Paterson Street, where the sound of cement mixers and other construction equipment is competing with a country band running through a soundcheck at Breese Stevens Field.
Nate Helbach is standing among rebar and lumber on the second floor of the hollowed out Gardner Bakery building, part of the ambitious Bakers Place residential development, which secured over $73 million in financing a year ago, delivering a quick lesson in urban real estate economics.
“Do you know the metric real estate investors are looking at?”
This reporter did not.
“Take your total NOI — net operating income — divided by your total cost. That equals some sort of percentage and typically you want like 6%. At least they did before people started raising rates,...
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- - Volume: 24 - WEEK: 6 Date: 2/7/2024 2:54:32 PM -