At its first meeting of the year, the Federal Reserve voted unanimously to raise the target range for the federal funds rate by 1/4 percentage point to 4.5% to 4.75%. With the latest increase, the Fed has raised interest rates by 4.5% in the last year and continues to significantly reduce the size of its balance sheet. While remaining committed to reducing the inflation rate to 2%, policymakers plan to implement rate increases at a slower pace while assessing the effectiveness of their restrictive monetary policy. Inflation continued to skew steadily downward in December with an annual increase of 6.5%, down from its 9.1% peak in June.

In this episode, Shimon Shkury and Victor Sozio discuss the findings in Ariel’s recently released 2022 Multifamily Year in Review research report, which highlights sales of buildings with 10+ units citywide and in Manhattan, Northern Manhattan, Brooklyn, the Bronx, and Queens.

429 East 12th Street is currently a 24.44’ wide, 4-story walk-up building with approximately 4,336 sq. ft. that previously served as a convent. The first and second floors currently contain several communal spaces, 1.5 baths and 2 full kitchens.