Plus, who is and isn’t taking real estate cash in key upcoming
races—and more intel in today’s New York Minute news
Good morning, and welcome to New York Minute, a new roundup of the
New York City news you need to know about today. Send stories you
think should be included to email@example.com. Small
landlords try to sell in wake of rent reforms
Last June, Albany passed sweeping rent reforms that signaled a
sea change in New York City real estate. Under the new laws, a
landlord’s ability to raise rents and pass on renovation costs to
tenants were severely curtailed.
In the wake of those changes, some small and mid-sized
landlords—particularly families who might own one or two
buildings with rent-stabilized or rent-controlled apartments—have
sold or are trying to sell their properties, the
Commercial Observer reports. But owners find themselves in a
world where their buildings are worth 30 to 50 percent less than
they were a year ago, the Observer notes. Purchase prices for
stabilized apartment buildings have dropped so dramatically that
some landlords might not want to sell at all.
And in other news…
- Mayor Bill de Blasio is
throwing his weight behind a measure that would exempt
affordable co-ops from a law that requires owners register them
with the city.
- In races across the city, it has become de rigueur for
candidates to refuse the real estate industry’s money. But others
continue to take it, perhaps to signal they’re business friendly.
The Real Deal looked at
who is and isn’t accepting developer dough in key upcoming
- The MTA plans to spend at least $100 million to renovate a
group of Queens subway stations, but the costly work doesn’t
include elevators or ramps and advocates are calling the work a
breach of the Americans with Disabilities Act.
- Production designer Mark Friedberg reflects on how he
transformed New York into Gotham in Todd Phillips’s Joker.
- Two Bronx City Council members aim to
rename East 161st street “Jeter Street” after Yankee legend
- Last week,
Politico reported that a draft report by the expert panel
studying the Brooklyn-Queens Expressway indicates that it won’t
make a recommendation for how to repair a crumbling section of the
road. Carlo Scissura, the head of that expert panel, tells the
Brooklyn Eagle that the report is likely to change and
encouraged New Yorkers to “wait for the final report before
Source: FS – All – Real Estate News 1
Rent reforms lead small landlords to sell stabilized buildings