Rent reforms lead small landlords to sell stabilized buildings


Plus, who is and isn’t taking real estate cash in key upcoming
races—and more intel in today’s New York Minute news

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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
    Derek Jeter.
  • 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
    drawing conclusions.”

Source: FS – All – Real Estate News 1
Rent reforms lead small landlords to sell stabilized buildings