November 22, 2024

NYC is lifting broker fees for most tenants. Here’s what to know

180 days after the bill becomes law

Shift the cost of the fee to whoever hires the broker

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November 22, 2024

NYC rents are rising faster than wages

Costs for owners rose from $1,812 to $2,023

Median rents increased from $1,483 to $1,748

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November 13, 2024

New York Rent Control System Survives Challenge at Supreme Court

Court has repeatedly rebuffed constitutional attacks on rules

Justices decline to hear landlord’s appeal

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October 23, 2024

9 tips if you’re a new landlord renting out your NYC apartment for the first time

Make sure building documents are up to date

First step is to familiarize yourself with the rent laws

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October 23, 2024

Tenants begin using Good Cause eviction law in housing court. Here are the outcomes

Lawsuit dismissed because the landlord hadn’t notified Morales as to whether or not her apartment was covered by Good Cause

More than a dozen times to push back against landlords who either declined to renew a tenant’s lease

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October 14, 2024

NYC rents keep slipping as house hunters buy the (rate) dip

In Brooklyn, the median price was $3,650, a 1.4% decline

Fourth time in five months rents fell annually

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September 09, 2024

The number one reason why NYC renters break a lease may surprise you

Leasebreak users leaving to buy a place has dropped significantly since 2014

Most NYC renters break their leases to move for a new gig, according to listing platform Leasebreak

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September 09, 2024

RSA and CHIP tie the knot

Both fiercely opposed good cause eviction

City’s largest multifamily landlord groups merge, forming NY Apartment Association

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August 21, 2024

New, hefty fines push landlords to register 200K more rent-regulated units

face steep fines of $500 per month per apartment.

Law aims to stop landlords from renting rent-regulated units at market rates

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July 16, 2024

Do the math: NYC’s rent ‘increase’ equals landlord losses — and harms our housing

If rents don’t increase with costs, maintenance is deferred — and buildings start to deteriorate.

Rent adjustments that are more than twice as bad

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June 28, 2024

10 questions and answers about NYC’s new eviction law

Applies to tenants in certain market-rate units, not rent-stabilized apartments

New law gives renters more protections from high rent increases and eviction

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June 28, 2024

Once again, the NYC Rent Board hurts landlords — and tenants in the long term

Over the past decade, inflation has run 23% (by the board’s own figures), while the RGB has only allowed rents to rise 14%.

2.75% one year leases & 5.25% for two-year leases

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May 21, 2024

Is that rent hike legal? These are the new rights for NYC tenants with ‘good cause’ in effect

Under the law, landlords can raise rents for existing tenants by 8.82%

In the wake of new tenant protections passed by state lawmakers last month

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May 21, 2024

NYC rents are rising 7x faster than wages, report finds

Dramatic increase in rents comes as millionaires flock

NYC wages increased by 1.2% last year, median rents surged by 8.6%

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May 22, 2024

How to tell if your NYC apartment building is protected by the new Good Cause eviction law

Check openigloo or do your own research to see if you’re entitled to the protections

New law allows some market-rate tenants to challenge rent hikes of more than 8.82%

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May 02, 2024

Rent board eyes up to 4.5% hike, loses confidence of landlords, tenants

But both agreed the board itself was to blame

Tenant members leave meeting early after demanding rent rollback

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May 02, 2024

Owners of vacant, rent-stabilized units say state’s action falls short

Barnabel, who recently took a 44 percent haircut on a rent-stabilized property.

“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab law

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May 02, 2024

Cheat sheet for 485x, office conversions, IAIs, good cause eviction and more

Housing deal finally passes

Cheat sheet for 485x, office conversions, IAIs, good cause eviction and more

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May 02, 2024

Brooklyn investment sales volume down 34%

Multifamily building sales had a strong quarter with $247 million in deals

Same number of transactions, but smaller prices in first quarter

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May 02, 2024

Governor moves to legalize basement apartments

“Some neighborhoods really want this, some do not,”

Local control will be critical for accessory units, Hochul says

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May 02, 2024

Rent board’s 4% hike will “plunge” buildings into distress: landlords

Jumped about 4 percent in March 2024 from April 2023, the report found.

Owners argue 421a buildings distort data, hike will worsen distress

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April 03, 2024

Fighting your tax assessment? These are your odds

Landlords have until June 3 to submit Real Property Income and Assessment forms

Chances of getting a hearing are poor. And winning? Even worse

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April 03, 2024

REBNY says its 421a proposal is a final offer

April 1 budget deadline

Construction unions rejected the plan for a new tax incentivized plan, but developers are holding their ground

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April 03, 2024

“Disturbing” drop in rent-stabilized profits in the Bronx

Landlords claim 2019 rent law wrecked their properties

Older buildings are often saddled with higher costs

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April 03, 2024

Agents promised commissions for voucher deals say city leaves them hanging

City owes him and his team of three other agents roughly $40,000

Agents feel damned if they do, damned if they don’t when it comes to vouchers

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March 18, 2024

City settles after housing voucher error leaves thousands’ rent unpaid

Tenants got surprise eviction notices when vouchers didn’t renew

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March 18, 2024

Throwing rent-stabilized landlords a bone

Owner could receive up to $100,000 to renovate apartments that had been continuously occupied for 15 or more years

State has proposed some forms of aid

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March 18, 2024

Understanding ‘succession rights,’ a complex issue for rent-regulated units

Legal challenges to succession rights are rare since the 2019 rent reforms

A new law simplifies how a tenant’s eligibility to inherit an apartment is determined

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March 18, 2024

U.S. Supreme Court declines to hear another challenge to NYC’s rent stabilization law

The court already rejected a similar appeal from a group of property owners in October of last year

Supreme Court won’t hear arguments from landlords that NYC’s rent stabilization law is unconstitutional

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March 18, 2024

Proof that Albany’s ‘pro-tenant’ reforms are killing NYC housing

Meanwhile, other building expenses for fuel, labor, insurance, property taxes have risen,

Study shows “small-portfolio” owners (basically mom-and-pops with 10 or less units) getting slammed

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February 09, 2024

Want an NYC apartment under $2,400? Good luck with that

Low-income renters most affected by the shortage

Vacant NYC apartments dropped to its lowest point in more than five decades last year

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February 06, 2024

Why NYC Apartment Buildings Are on Sale Now for 50% Off

Cash-strapped tenants cheer as they maintain a foothold in the city

Tougher rent control, returning worldwide, destroys $75 billion in property value

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February 06, 2024

Fed holds interest rates steady and March cuts are unlikely

Mortgage expects mortgage rates to 'bounce around'

Federal Reserve officials tout progress taming inflation but note it remains elevated

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February 06, 2024

Nearly one in five NYC renters fell behind on their rent last year

About 18% of renter households in the metro area owed rent as of October 2023 per a new report

Permit filings for new developments slowed last year as construction failed to keep up with demand

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January 23, 2024

NY multifamily sales plummeted in ’23. ’24 might give a snapback

The bad news is that the downturn in demand for rent regulated buildings is likely to last

Rate cuts, fresh lenders and maturities could drive big deals

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January 04, 2024

Landlords late to register 46K rent-stabilized apartments could soon face monthly fines

Registered units dropped from just under 945,000 during the 2022 state fiscal year to 898,789

New fines would most likely hit property owners with smaller portfolios who handle their own bookkeeping and filing

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January 02, 2024

City Council limits criminal background checks for tenants

We have to allow people access to stable housing so they can move on

Landlords win revisions, support final version of bill

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January 02, 2024

Hochul signs rent bill that landlords call “disaster”

Measure liberally defines fraud, limits rents for combined apartments

bill signed that expands the definition of fraud in rent overcharge cases

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December 04, 2023

Cash burn driving landlord group CHIP toward insolvency

2019 rent law reform that rocked owners of rent-stabilized buildings

Blames red ink on winding down fundraising ahead of merger with RSA

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November 28, 2023

Hochul signs new housing laws to protect NYCHA and market-rate tenants

Tenant’s estate can now cancel their lease after the tenant dies

Four laws give tenants additional safeguards during emergencies

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November 28, 2023

NYC rents slip again as listings for available apartments pile up

Down 3.6% compared to September

Apartment listings were up over 30 percent last month, creating competition for owners

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November 07, 2023

New York City Commercial Real Estate Owners Look Ahead

Some are already laying out big plans for the next five years

The next three years will remain defensive for a lot of owners.

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October 11, 2023

Supreme Court could still take down NYC’s insane rent-control regime

The court of public opinion needs to consider these facts

The decisions are political, not economic

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October 05, 2023

End of the road? Supreme Court declines to take up challenge to New York’s rent law

Foreclosure filings are on the rise as property owners struggle to pay off their debt

Landlords are running out of options for relief

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September 28, 2023

It makes sense, and saves dollars, to keep the unit vacant

Want to end apartment warehousing? Ease up on rent-control laws

New Yorks rent control laws are cratering the city’s housing supply

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September 28, 2023

Supreme Court may soon nix New York rent control

Supremes lately have stood up for property rights, backing owners with 6-3 votes in several key cases.

The Supreme Court must say no to New York’s insane rent control schemes

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September 28, 2023

Insurance companies routinely deny NYC buildings with subsidized tenants

Practice is now raising concerns among state and federal insurance regulators

Property owners, the rejections can set off a scramble for coverage

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September 28, 2023

More than 13K rent-stabilized units in NYC are sitting empty for multiple years, report finds

5% of rent-stabilized apartments were registered as empty last year

“warehousing” low-cost units, according to a new review of state data

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September 28, 2023

Rent-stabilized landlord sells at 44% haircut

Recent sale shows just how big a haircut some are willing to take

Deal shows blow 2019 rent law dealt to valuations

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September 28, 2023

NYC rents are through the roof

Brooklyn, the median price for a unit fetched $3,850

Number of new lease signings down for the second consecutive month

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September 28, 2023

Another rent-stabilized landlord faces foreclosure

Rent-stabilized buildings struggling against the financial straits of New York’s 2019 rent law.

Loan servicers filed foreclosure suits Friday against four buildings owned by

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September 28, 2023

Distress in rent-stabilized buildings rises to surface

Brokers say distressed sales of rent-stabilized buildings have ramped up

More signs emerge that law aimed at bad actors has put entire asset class at risk

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August 30, 2023

Preparing for the worst: Landlords brace for rent law expansion

There’s a statute of limitations for everything except murder, rape, and being a landlord,

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August 30, 2023

Landlords say new vacancy study supports their claims

13,362 apartments had been empty for two consecutive year

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August 30, 2023

More than 13K rent-stabilized units in NYC are sitting empty for multiple years, report finds

Rent-stabilized apartments decreased significantly from 2021 to 2022, following a pandemic-related

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August 14, 2023

Bill forcing landlords to police smoke shops becomes law

Fines start today for owners leasing to unlicensed dispensaries

Fines up to $10,000 on landlords who knowingly lease commercial space to unlicensed marijuana

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August 14, 2023

Rent Stabilization Association, CHIP discussing merger

The groups both represent rent-stabilized landlords in New York

Landlord groups have similar members, vastly different styles

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August 14, 2023

More lead-paint laws coming for NYC landlords

Additional inspections and lead removal mandated, over owners’ objections

Rent-stabilized buildings constructed before 1960

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August 14, 2023

Rent-stabilized owners suffer swell of foreclosures

New York Community Bank subsidiary Flagstar targets 8 buildings

Industry insiders sounded the alarm on rent-stabilized buildings

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July 11, 2023

Albany’s latest assault on landlords is more prog housing insanity

The Legislature now wants a presumption of landlords’ intent to defraud if they got any of the details wrong

Lower the bar for “proving” a tenant was fraudulently overcharged on rent and vastly expand the “lookback period”

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July 11, 2023

NYC denying emergency rent loans with a flurry, even as evictions rise

Clients losing their apartments and going to stay at a shelter is something that the city doesn't want because it costs more to house people in shelters than it is to keep people in their current apartments and stabilized

NYC social services agency is rejecting tens of thousands of tenants who apply for emergency assistance loans to cover their […]

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June 22, 2023

Rent board approves 3 percent hike amid tenant-induced chaos

two-year leases by 2.75% in the first year of the lease, then by 3.2% of that adjusted rent for the second year of the lease

3% increase on one-year lease

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June 22, 2023

NY lawmakers close ‘Frankenstein’ loophole used by landlords to spike regulated rents

The Assembly passed the anti-Frankensteining legislation late Tuesday

Once apartments are combined, landlords can set whatever rent they want

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June 20, 2023

Landlords in panic about last-minute Albany bill

The measure seeks to make it easier for tenants to show past rent overcharges amounted to fraud

CHIP says housing chairs tried to sneak measure through

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June 20, 2023

New J-51 tax break emerges from dead housing deal

It is now an abatement-only program that lasts for up to 20 years

Lawmakers approve multifamily upgrade incentive at last minute

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June 20, 2023

Landlords boycott in-person rent board hearings

Safety concerns aside, owners say the more immediate worry is an inability to be heard at a crucial vote

Owners retreat to Zoom after tenant protest derails meeting

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June 20, 2023

NYC postpones enforcing short-term rental law

Local Law 18 requires hosts on Airbnb and other home-sharing platforms

After Airbnb suit, Local Law 18 crackdown won’t begin until September

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June 20, 2023

City Council bill would force landlords to police smoke shops

The city has struggled to crack down on unlicensed weed dispensaries

Measure seeks to fine owners who lease to unlicensed dispensaries

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June 20, 2023

Targeting lawmakers, landlords who “benefit from a housing shortage”

Comprehensive reforms that actually address the housing crisis from a lot of different angles

Open New York’s Annemarie Gray says pols see no cost for inaction

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June 13, 2023

Evictions are soaring in NYC and most tenants don’t have a lawyer

Nonprofit legal service providers haven’t been able to keep up with the hundreds of thousands of eviction case

City Comptroller Brad Lander is demanding an immediate adjournment

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June 08, 2023

A year without 421a: Project sales, lawsuits and wasted rezonings

Since state legislators let the property tax break expire last June

Dramatic storylines have emerged from tax break’s expiration

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June 08, 2023

Landlords say Council “wasting its time” with warehousing bill

Owners say it won’t do a thing to bring apartments online.

City bill to let tenants report hazards in vacant units gets hearing

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June 08, 2023

Good Cause Eviction’ tricks will still wreck NY’s housing market

The lies, tricks and even supposed watering-down can’t cover up the core problems with the bill

Requiring landlords to have a good reason to evict anyone is fair, right

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May 19, 2023

What Landlords & Brokers Need to Know About the Housing Choice Voucher Program

Waitlists for vouchers are very long, with only a small number of housing vouchers issued annually

85,000 voucher holders in a city of roughly 5.4 million renters

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May 19, 2023

NYC’s Prohibited Buildings List banning short-term rentals goes live

The city is embarking on a new approach to combat illegal short-term rentals. NYC’s Local Law 18, also known as the Short-Term Rental Registration Law

Over 100 applications were submitted in the first two hours that the portal was open

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Law
May 19, 2023

Rent control theater could become true drama

Rent control as we know it would be in jeopardy.

Activists jumped on stage, but Supreme Court could steal the show

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May 19, 2023

Council passes crackdown on landlords who lie about violations

Landlords Watchlist,” thanks to the creation of another, even more ignominious list.

“Worst Landlord Law” aims to shame owners who falsely certify fixing infractions

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May 19, 2023

Landlords get rent bill; tenants scare off some sponsors

Legislature introduced a bill that would let owners hike rents after renovating vacant units, allowing for the repairs required to bring those much-needed apartments back online.

CHIP’s Jay Martin calls withdrawals “not really that big of a deal”

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May 19, 2023

City rent board eyes up to 5% rent hike in preliminary vote

5% rent increase for one-year leases on stabilized apartments and a 4% - 7% hike for two-year leases

Middle-ground proposal immediately panned by both landlord, tenant advocates

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May 19, 2023

Landlords take rent law challenge to Supreme Court

Nearly four years ago, landlord groups filed a federal lawsuit challenging New York’s newly minted rent law, expecting to fail at every level

Owners’ last, best shot to end rent stabilization in New York

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April 28, 2023

Rent board staff recommends largest rent hike in 30 years

Would mark the largest rent hikes since 1989

Rent Guidelines Board report proposes up to 8.5% bump as landlords’ costs balloon

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April 28, 2023

City to fund repairs to vacant rent-stabilized apartments

The city is launching a $10 million pilot program to help landlords repair vacant

Landlord groups say $25K-per-unit pilot program falls short

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April 28, 2023

Hochul had proposed an extension to the 2026 construction deadline for 421a

Raising the FAR cap also would have eased office-to-residential conversions

Real Estate Board of New York has estimated that without such an extension, some 32,000 planned apartments would not be […]

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April 18, 2023

Commercial Real Estate Remains Behind Kathy Hochul and Eric Adams — Results or Not

Developers continued to back Hochul as she sought to center housing as her top priority

Hochul also pitched extending the deadline to qualify for an expired tax abatement known as 421a if developers can complete […]

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April 18, 2023

How much will rents rise in stabilized apartments this year? The debate gets underway

Last year the Rent Guidelines Board approved the steepest increases in nearly a decade

Landlords want higher-than-average increases for NYC’s one million rent-stabilized tenants

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April 18, 2023

Beware NY progressives’ push for universal rent control

“If this bill comes to pass, a lot of small housing providers will have to sell”

Imposing rent controls on the city’s 1.4 million market-rate apartments for the first time

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April 18, 2023

Rent-control bill would drive out small landlords

Bill would cap rent increases on market-rate units at 3% or 1.5% of the consumer price index, whichever is higher

Would impose rent controls on market-rate buildings in the five boroughs

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February 08, 2023

Second Circuit rules against landlords’ rent law challenge

Rent stabilization covers about 900,000 apartments in New York City and additional rentals in its suburbs

Plaintiffs plan to petition the Supreme Court next

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February 08, 2023

Gov. Kathy Hochul this month pitched a new version as part of her executive budget, but even if it passes, it is not clear that anyone would seek it

Does not appear to exempt taxes on increased valuations resulting from renovation work

Apartments must still be rent-regulated while the landlord gets the benefit, and in many cases beyond that

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January 26, 2023

Evictions down 78% from pre-Covid levels

ERAP disbursed $2.7 billion through November and granted eviction protection to recipients

ERAP protections, housing court issues stymying landlord action

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January 26, 2023

As rent-relief portal closes, shafted landlords consider suing state

More than 17,000 applications still pending

Small landlords, the impact can be disastrous

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January 26, 2023

Brooklyn leads NYC in demolition permits

Slightly fewer demolition permits were approved last year compared to 2021, 4.7% year-over-year decrease

More than 400 buildings in the borough were slated for a wrecking ball last year

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January 26, 2023

More rent-stabilized decay on the way

Law’s reform in 2019 eliminated the 20 percent rent hike allowed when stabilized units became unoccupied

CHIP poll shows where landlords are cutting corners

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January 23, 2023

$9B plunge in NYC commercial real estate sets up brutal political fight over shrinking tax pie

Real-estate taxes are the biggest contributor to New York City’s coffers

Commercial Real Estate is nearly $9B short of its most recent high

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January 19, 2023

Rent-SEtabilized apartments

Making it more difficult for landlords to cycle affordable apartments

Essential knowledge

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January 19, 2023

Can I use my rent-stabilized apartment as an Airbnb?

Stabilized tenants have limits on what they can charge guests

A new NYC law requires hosts to register their short-term rentals

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January 19, 2023

What’s the Plan B for 421a?

It is unclear how projects obligated to include affordable housing can pencil out without 421a.

Some developers are forging ahead

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December 28, 2022

Feds Build New Index to Track Rent Inflation For New Renters

Bureau of Labor Statistics (BLS) to create a rent index based on new tenants rather than the average of all renters

Rent may be falling quickly, but any drop is unlikely to impact inflation measurements until next year because of a […]

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December 28, 2022

How did 116,000 rent-stabilized units vanish?

A third method is to convert rent-stabilized buildings into condos and co-ops

Deregulation severely limited by 2019 law, but may have happened anyway

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November 29, 2022

Brooklyn’s trendy retail districts boom as Manhattan’s sit vacant

It seems that for every fully or mostly leased, high-profile corridor like Broadway in Soho, there’s a stretch full of...

Manhattan’s struggling retail scene seems to get all the attention.

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November 29, 2022

This edition: Outlook on Commercial Real Estate, Fall 2022

Be selective! consider space, location, cost of building, cost of lending

Be cautious! developers and bankers agree when considering development

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November 29, 2022

Making sense of the NYC real estate market with Jonathan Miller

When months of supply go above eight and a half, buyers get some leverage

Take away from the real estate data as we head into 2023

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November 29, 2022

NYC landlords could soon be denied criminal background checks for tenants

Even those convicted of murder and other heinous crimes

A controversial bill prohibiting Big Apple landlords from performing criminal background checks on prospective tenants

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November 10, 2022

Commercial prices down 13% this year

7.3% drop in October alone

Rising interest rates tank property sales

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November 01, 2022

NYC investment sales plummeted in Q3

Rising interest rates triggered 30 percent decline from previous quarter

Deals for multifamily properties totaled $3.63 billion, down 30 percent from the previous quarter

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November 01, 2022

Multifamily sales in “virtual standstill”

The Federal Reserve could bump rates another 1.75 percentage points by next year, further raising the cost of borrowing

Borrowing costs, falling rent growth kill deals as sellers refuse to drop prices

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October 20, 2022

More than 60,000 Rent-Stabilized Apartments Are Now Vacant

The number of vacant rent-stabilized apartments has nearly doubled

Advocates are sounding the alarm about the growing number of empty rent-stabilized apartments

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October 18, 2022

Mortgage rates could continue rise to 8.5%

Inflation could push rates beyond 7% threshold, economist Lawrence Yun forecast

Mortgage rates could climb another 1.5 percentage points, according to a leading economist

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October 18, 2022

The problem with tenant screening reports

Data in reports, as in credit reports, are often incorrect

Firms sell landlords information that is often wrong, misleading or irrelevant

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October 18, 2022

Small landlords hit limit with Hochul, turn to Zeldin

In 10 months, the rent aid program has received just a sprinkling of additional cash

Mom-and-pop owners protest failures of state’s rent relief

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October 04, 2022

NY gets more federal rent aid — but only 6% of need

The governor also committed about $800 million to the Emergency Rental Assistance Program in the state budget

Washington reallocates $100M to New York

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October 01, 2022

Mortgage rates climb to 15-year high

Average 6.7% rate more than doubled year-over-year: Freddie Mac

Federal Reserve keeps raising benchmark interest rates in an effort to tamp down inflation

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October 01, 2022

City takes aim at landlords’ empty retail space

The owner also needs to disclose when the last lease expired

City Council on Thursday passed a bill to ramp up reporting requirements for vacant retail space

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September 22, 2022

Fed goes big again with third-straight three-quarter-point rate hike

The Federal Reserve raises interest rates for the fifth time this year

Federal Reserve expects interest rates to remain elevated for years to come

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September 21, 2022

Inflation crushing rent-stabilized landlords

Inflation is the primary culprit

3.25% pencils out to a pittance

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September 19, 2022

First rent: How landlords of rent-stabilized apartments can hike the rent on a newly combined place

Combination apartment is proportionally higher than other rent-stabilized units in the building

Landlords warehousing apartments in order to combine neighboring units and increase rents

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September 01, 2022

Is the Loft Law the answer to NYC’s illegal basement problem?

The bill had also included good cause eviction protections for tenants

Comptroller proposes similar program to temporarily legalize basement, cellar units

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August 27, 2022

For rent law cheaters, the ultimate punishment: Endless stabilization

2019 rent law ended so-called luxury decontrol

As part of the deal, they must reset rents to legal rates, refund tenants the difference, and once again offer […]

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August 23, 2022

NYC Renters Search for Cheaper Options Farther From Manhattan

Median rents in those spots are at least 26% below the median for the borough

More-affordable neighborhoods in Brooklyn and Queens see jump in interest during the apartment market’s peak season

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August 23, 2022

Protect Your Hard Earned Capital Gains – Count the Ways

In this episode how to plan in advance of a sale and keep more of what you have worked so hard for

If you don’t plan for the sale of real estate then you risk a big capital gain tax bill.

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August 23, 2022

The shortage of judges in NY’s Housing Court is causing massive pain for both tenants and landlords

The average arrears when these cases were filed was $10,085; the average amount owed at the time of the eviction? More than three times that figure: $33,695.

Again, this hurts tenants as well as landlords.

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July 28, 2022

Justice delayed: The endless frustration of housing court

In the first half of this year, landlords have sued to evict two-thirds as many tenants as they did during the same period in 2019

70,000-case backlog pushes landlords to the breaking point

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July 28, 2022

The Fed just raised interest rates by another 0.75%

The Fed is trying to raise rates to tamp down the interest-rate sensitive parts of the economy, like commercial real estate, autos, the financial markets, technology

That means upward pressure on longer-term rates, cap rates and borrowing costs by extension

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July 19, 2022

Housing market slowdown turns sellers to renters

Renters have been rushing to the city looking for anything and everything

Contract signings were down 30 percent year over year last month

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July 19, 2022

Tens of thousands of affordable apartments sit empty

Housing Stability and Tenant Protection Act, a sweeping rent reform passed by the state Legislature in 2019, dramatically limited landlords

Landlords blame the state’s rent law for making repairs a money-losing proposition; lawmakers don’t believe them

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July 19, 2022

More Affordable Parts of Brooklyn see Big Rent Increases

Prospect Lefferts Gardens experienced a 7.8%+ in average rents, and rents in Crown Heights jumped 5.3%+.

In Brooklyn, the average rents increased in 15 of the 16 neighborhoods it tracks

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August 23, 2022

Predators in the NYC rental market

In this episode, we take a look at the biggest New York City landlords you’ve probably never heard of—private equity-backed owners.

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June 09, 2022

Good riddance to good cause eviction

Legislative chatter this spring was that landlords and tenants might trade the passage of one policy for the other so that both sides went home with something.

The bill’s failure was a blow for groups like Housing Justice For All, which has rallied relentlessly to pressure the […]

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June 09, 2022

Brooklyn median rent is now $3K +

7% jump from the month prior and 21% increase above May 2021 levels

Brooklyn as median rents with concessions notched a new high of $3,206

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June 09, 2022

Challenges & Opportunities of Owning Real Estate

Guest List..

Elyssa Marcus Vice President, Asset Management & Development, Jamestown LP Joel R. Marcus Partner, Marcus & Pollack LLP David Shorenstein […]

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May 26, 2022

More multifamily landlords are making less than their lenders

Rising interest rates trigger increase in negative leverage

Sales of multifamily assets have been hot in the past year, but rising interest rates are now putting investors into […]

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May 09, 2022

Thursday’s rent hikes aren’t nearly enough to save NYC’s landlords — or housing stock

Oil rose 70%, natural gas 21.6%, electricity, 11.1%

2% and 4% for one-year leases and 4% to 6% for two-year lease

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May 05, 2022

After a Two-Year Dip, Evictions Accelerate in New York

2,000+ eviction cases filed by landlords every week

Process more eviction cases than any other city in the nation

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May 05, 2022

Fed Raises Rates Half a Point as It Tries to Tame Inflation

Fed could go too far as it tries to cool the economy down and might, in the worst case, cause a recession

Inflation is at its highest in four decades

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May 05, 2022

Looming Rent Increase of Up to 9%

Mayor Eric Adams says he wants to support small landlords

Some Democrats are calling proposed increases for NYC roughly one million rent-stabilized apartments

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April 28, 2022

NY Senate Bill 3082/Assembly Bill A05573.

Episode 043 – What is Good Cause Eviction? Nothing Good!

After listening you will clearly understand why passage of this Bill will be GOOD for nothing!

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April 28, 2022

Landlords call for up to 6.5% rent hike on stabilized apartments.

Landlords have also spent 25% of their income on property taxes, above the board’s findings of 20%.

Two weeks after the Rent Guidelines Board’s staff floated rent hikes of up to 4.5 percent on one-year leases for […]

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April 28, 2022

New Yorkers moving in face of steep rent hikes

While new renters arrive to fill the vacancies, giving the advantage to landlords

Many who can’t afford steep increases are migrating to other parts of the city.

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April 19, 2022

Rent board staff proposes increase of up to 4.5%

Average hike was 1% under Bill De Blasio

Landlords’ costs jumped across the board from April 2021 to March 2022 except for property taxes, which dropped 3.7% because […]

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August 23, 2022

The rent-hike system is failing miserably — but there’s an easy way for Albany to fix it

Lawmakers need to pass a sweeping housing-policy package that reforms property taxes

Lawmakers need to get back to the drawing board, but they need not reinvent the wheel

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April 13, 2022

NY State budget has $25 billion for housing—here’s where it will be spent

LRAP gets $125 million$35 million to provide legal help to tenants being evicted

ERAP gets $800 million

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April 13, 2022

Attorney shortage prompts call to delay eviction cases

Landlords irate as tenant lawyers ask courts to slow down scheduling

Court system agreed to adjourn cases by up to three weeks and use that time to match tenants with an […]

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April 05, 2022

Behind the great NYC eviction tsunami that never happened

The ones hurting are small-property owners facing inflation-driven rising costs and property taxes.

Eviction filings are actually lower than pre-pandemic levels

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April 05, 2022

Why New York Can’t Afford to Lose the 421a Tax Incentive

421a tax incentive program costs New York City $1.77 billion

The law’s benefits exempt any increase in taxes attributed to constructed improvements to the property

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April 05, 2022

Landlords profits drop nearly 8%, most in 17 years

Owner groups say rent-stabilized housing on brink of “collapse”

Profits plunged as rental income declined 3.8 percent year-over-year

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March 18, 2022

Fed hikes interest rates as inflation concern simmer

The average 30-year fixed-rate loan broke 4.25 percent last week

Federal Reserve raised interest rates for the first time since 2018

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March 18, 2022

Another pittance: NY gets $119M for rent relief

Landlord groups had estimated that the state needed at least $2 billion to cover the 126,000 pending applications

Federal allocation is 7% of what state requested

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March 18, 2022

14 unions back good cause eviction. Will it matter?

The good cause bill would give tenants a defense against eviction in housing court if their rent is raised by more than 3% or 1.5 times the regional inflation rate, whichever is higher.

Experts say the unions’ push could draw lawmakers’ attention to the good cause campaign

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March 14, 2022

Rent Hits Highest Level Since 2008 As Inventory Sinks to Record-Low

Median rental prices rose 10.5% in February, to $2,900 from $2,625

Brooklyn saw increases in rents and declines in inventory

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March 09, 2022

Rising gas prices won’t impact landlords’ energy bills, experts say

Con Edison heating bill was up 43 percent in December, compared to two years prior

Utility costs have spiked in recent months, but the war is unlikely to make things worse

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March 08, 2022

Rents Are Roaring Back in New York City

Rents are higher than they were before the pandemic.

While rents plunged at the start of the pandemic, they are now surging, and the increase is double the national […]

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March 03, 2022

Can Landlords Overturn New York’s Rent Stabilization Law in Federal Court?

Rent-stabilized apartments were now “significantly devalued” compared to market-rate rentals.

Landlords argue that the rent-regulation system violates their constitutional property right

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February 24, 2022

Albany’s ‘No Eviction Ever’ bill will devastate landlords — and NY’s housing stock

Prevent owners of buildings with 12 or more units from reclaiming apartments for personal uses

“Good Cause Eviction” bill will strictly limit rent increases and evictions on New York City renters.

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February 24, 2022

‘It should be illegal’: NYC landlords slap tenants with huge rent hikes

Landlord planned to increase her rent by 46.5%.

NYC rents were the highest in the nation

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February 20, 2022

Commercial buildings retained almost all of pre-pandemic value, NYC budget says

Commercial real estate sector experienced the same boost of positivity in estimated values

Overall, all properties in the city were valued at $1.4 trillion, 2.1 percent above pre-pandemic levels

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February 17, 2022

Is NY’s rent law unconstitutional? Second Circuit to rule

A ruling in favor of CHIP and RSA would kick the case back to the trial court.

Landlords argue 2019 reform amounted to taking of property

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February 17, 2022

Multifamily assets power another strong week for investment sales

Multifamily properties remained a hot commodity

Development parcels also traded hands, while industrial sales took the week off

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February 17, 2022

Rental madness: Bidding wars supercharge NYC market

Brokers call this season’s market unprecedented

Tenants leasing apartments sight unseen and months in advance

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February 15, 2022

Even after receiving rental aid, landlords find ways to get tenants evicted

Increase in landowners lying in eviction trials to get tenants evicte

Took the money and still evicted the tenants

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February 11, 2022

Adams backs rent freeze, if analysis supports it

“We anticipate that this year’s RGB data, which board members must take into consideration, will support reasonable rent increases,

Mayor also supports governor’s 421a replacement program

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February 03, 2022

New York City’s Property Taxes Are Crushing Homeowners

Living Here is Getting More and More Difficult

The 40-year-old state law that created the system was built to favor single-family homeowners over renters or commercial buildings.

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January 28, 2022

NYC Affordable Housing; The End of 421-a and the future of housing incentives

Developers act now to lock in tax incentives provided under the city’s current 421-a program

Will expire on June 15, 2022, and is not expected to be renewed

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January 26, 2022

Commercial Real Estate and Eric Adams Build Each Other Up in New York

Adams had long ingratiated himself with real estate executives

New mayor to tackle, including quality-of-life issues, faster permitting and zoning changes

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January 26, 2022

Eviction problems hit NJ, NY after moratoriums lift

New court dates won’t be booked until March or April for most

Backlog of tenant-landlord cases opens to confusion among courts

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January 26, 2022

NYC investment sales hit multi-year peak to end 2021

About a third of all multifamily transactions have been affordable housing

Multifamily assets boosted the market to levels not seen since 2018

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January 26, 2022

CRE sales hit record $809B in 2021

Multifamily sales easily led the way with $335.3 billion of sales, a 128% jump

Multifamily and industrial sales led sectors with $335.3B and $166B, respectively

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January 19, 2022

Hochul’s $216B Budget Includes $25B for Housing and Property Tax Rebates

Allow a minimum of one ADU on owner-occupied residentially zoned lots

Tax rebate for homeowners, increasing the allowable number of accessory dwelling units (ADU)

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January 19, 2022

$2B in Hochul budget could fund rent relief

Legislature has until April 1 to sign off on a budget

Relief needs approval by the state legislature and would take months

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January 14, 2022

How to Upgrade Existing Multifamily Buildings Faster for the Market

Focus on the interiors and amenities of each unit

Take down interior walls and open up the living space

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January 10, 2022

Landlords Warn Steep Tax Hikes from Good Cause Eviction Law

“It may as well be called the ‘lease for life’ bill because it would render the most basic provisions of rental apartment leases legally insignificant.

It would strip landlords of their ownership rights

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December 16, 2021

Buildings must go electric, J-51 is back

Incentive is available for residential renovations and conversions

Beginning in 2024, new buildings in the city will go electric

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December 16, 2021

Landlords defeat criminal-history bill, for now

Formerly incarcerated people are more likely to be homeless

The bill would have created a liability for owners and a worry for tenants

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December 14, 2021

City Council to raise J-51 from the dead

J-51 abatement and exemption program for the next six month

Committee votes to advance bill reviving tax break for multifamily repair

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December 10, 2021

Hochul bumps up voucher values to cheers of landlords, housing advocates

Law lifts the dollar values of state vouchers to 100 percent of the federal fair market level from 85 percent

Signs law raising renting power of homeless New Yorkers

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December 09, 2021

City Council weighing ban on tenant background checks

Landlords would be able to evict tenants if they perpetrate violence

The bill, landlords would be blocked from running criminal record checks

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December 09, 2021

Ask Sam: What are the rules for evicting rent-stabilized tenants in NYC?

Under what circumstances could my landlord kick me out?

How am I protected from eviction?

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November 24, 2021

City Council advances protections for lease-breakers

The city’s bill applies to all apartments, not just rent-stabilized ones.

Bill would prevent residential landlords from seeking early termination fees

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November 18, 2021

Recent Commercial Real Estate Transactions

Brokers: Erik Rodriguez of Rodriguez Commercial Realty

Recent commercial real estate transactions in New York

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November 13, 2021

State pulls the plug on rent relief

Emergency rental assistance will stop accepting new applications Sunday night

Gov. Hochul has asked for almost $1 billion in additional funding

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November 12, 2021

State attorneys general call for eviction ban on subsidized renters

Low-income renters who are more likely to receive federal housing assistance through public housing authorities or voucher program

Letter by CA, IL, NY officials, among others, asks HUD to stay proceedings on low-income tenants who applied for relief

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November 12, 2021

Fudging the numbers? Landlords say NY gamed survey to save rent stabilization

Kathy Hochul signed legislation that punts the deadline for keeping or killing rent stabilization to July, more than four years later than the last survey release.

Gov. Hochul signed legislation delaying verdict until mid-2022

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November 09, 2021

Guv hopeful Letitia James endorses “good cause” as Hochul punt

Yes, we need to pass good cause eviction

Tenants facing rent hikes of more than 3 percent or 1.5 percent of inflation — whichever is higher — would […]

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November 09, 2021

City law protecting commercial tenants faces test in appeals court

The court ruled in favor of the tenants

After federal court said law may be unconstitutional, ruling on personal liability clauses could have broad implications

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November 07, 2021

Cash balances for landlords rose in pandemic’s early days

Landlords lost about 20 percent of their revenue from rent payments

Analysis shows loss in rent revenue largely superseded by drop in expenses

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November 07, 2021

Rent control rocks Midwest landlords. Is New York state next?

Shield renters from eviction if their landlord raised the rent

Tenant advocates see a national trend; researchers are more skeptical

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November 03, 2021

Who Is Investing In Opportunity Zone Projects?

Several projects, do not meet that profile at all

Potential OZ investors to come to us as opposed to going out and trying to find them?

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November 03, 2021

Real estate-friendly Eric Adams wins mayoral race

Position that has the ability to sway land use decisions

Brooklyn borough president, showered with real estate money in campaign’s final months, will be city’s 110th mayor

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October 18, 2021

With landlords living in their cars, RSA takes another swing at dismantling eviction moratorium

Small property owners throughout the state having their personal lives

The Rent Stabilization Association (RSA) has filed an amended complaint

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October 18, 2021

Judge trashes 421a rent overcharge suit against Muss

Win against tenants at a Bed-Stuy rental building

Tenants’ case accuses developer of illegally inflating rents in Bed-Stuy

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October 14, 2021

You Don’t Need A Big National Firm To Sell Your Commercial Property

Evolution Of Internet Search Engines

A Big Company Doesn’t Equal More Brokers

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October 13, 2021

Rodriguez Commercial Realty (RCR) is pleased to announce the sale of 315 Fenimore Street

The subject property consists of 24 units

The building is built 60 ft x 79 ft and sits on a 60 ft x 100 ft lot zoned […]

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October 12, 2021

Landlords brace for winter as natural gas costs soar

Rent Guidelines Board would likely hike rates at its annual June vote

Prices hit 12-year high in first week of rent freeze

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October 12, 2021

$125M for landlords with delinquent tenants now up for grabs

Tenants refused to apply for ERAP or vacated the apartment with outstanding arrears.

Funds are first-come, first-served

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October 12, 2021

Proposed bill would require landlords to pay for tenants’ internet

Landlord cannot be passed along to tenants

Existing buildings would have until 2026 to comply

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October 06, 2021

Why These New Yorkers Stopped Paying Rent

Tenants owe more than $256,000

Tenants withholding rent until the landlord forgives the debt

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October 04, 2021

Landlords find way around housing court backlog

Landlord would be subject to criminal charges, which in theory could mean a five-year prison sentence.

As nonpayment cases pile up, owners pursue money judgments in civil court

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October 01, 2021

New York Went From Worst to Best At Handing Out Rent Relief

Paid out to more than 40,000 households.

As of September 22, the state has allocated $1.6 billion in federal funds

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September 24, 2021

City landlords’ tax delinquencies approach Great Recession levels

Nothing is certain but death and taxes, and property taxes are no exception.

Experts predict minimal impact on city revenue even as rising number of landlords fall behind

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September 22, 2021

Dream big: Fully-funded federal rent vouchers would bring billions to NY

Households in the state would have $8.58 billion to spend including $5.8 billion for city residents.

Universal access would expand aid to four times more households

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September 22, 2021

Housing court is back — with boundaries

As many as six courtrooms will hear two to six cases per hour,

In-person appearances on tap as courts dismiss warnings of “sickness and death”

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September 17, 2021

How the Commercial Rent Stabilization Act will damage NYC’s economy

Commercial Rent Control Proposed Again as NYC Retail Reels From Pandemic

Enacting Commercial Rent Stabilization will significantly damage New York City’s economy and impair the viability of conducting business in NYC.

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September 16, 2021

Two more rent law challenges tossed, landlords rest hopes on appeal

Dismissed suits argued that the rent law is unconstitutional

Third lawsuit awaiting arguments in Second Circuit

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September 14, 2021

After huge head start for rest of US, NY now ranks 1st in rent relief rollout

Treasury tried a new approach to get money out the door

Gov. Kathy Hochul touts $1.2B set aside for landlords, with $399M paid out

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September 14, 2021

How Brooklyn Real Estate Is Faring After 18 Months of COVID

Brooklyn has been more stable than that ritzier borough on the other side of the East River

Multifamily and industrial are doing particularly well; office and retail are showing resiliency too

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September 13, 2021

Kathy Hochul Gets High Marks for Now From the Real Estate Industry

We hope she’s a common-sense Democrat who will do the right thing for all people

Hochul has the experience and bold ideas to navigate the serious threats facing New York

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September 13, 2021

Eric Adams’ Approach to Real Estate as Mayor? See His Borough Presidency

Adams still has four months to continue making his mark in Brooklyn

Developers wished Adams defended more vigorously projects he supported

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September 10, 2021

Rent relief checks go out for the wrong amount

Delays, glitches, and now payments off by thousands of dollars

Only $300 million of the state’s $2.7 billion fund has reached landlords

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September 06, 2021

14 Important Factors Impacting Commercial Real Estate In 2021 And Beyond

CRE investors may see a continued impact on their revenue stream.

Covid-19 pandemic has rattled the commercial real estate (CRE) sector

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September 03, 2021

Legislature passes new eviction moratorium

Moratorium extened to January 15, 2022

State legislature passed an extension on the state’s eviction moratorium

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September 01, 2021

Here’s NY’s new eviction policy — and why it may be struck down

Lawyers say the proposed workaround won’t cut it

Draft legislation does not make tenants produce evidence of hardship

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August 27, 2021

The rent is finally due: Supreme Court ends moratorium

Justices rule Biden’s eviction ban unconstitutional

Justices rule Biden’s eviction ban unconstitutional

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August 27, 2021

New York landlords see no saving grace in return of evictions

Judgment day is coming for New York tenants: Landlords, owed more than $3 billion in back rent, may once again be able to file evictions.

Without rent relief, property owners weigh whether to wait or sell

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August 27, 2021

NYC rents now most expensive in the US

A middle of the road one-bedroom apartment in Manhattan at the beginning of the pandemic cost about $3,417

New York City rents have overtaken San Francisco as the most expensive in the US

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August 25, 2021

As rent relief finally flows, landlords hold criticism over fear of reprisal

Bank account of one Bronx landlord with over $1 million in arrears

Frustration with NY’s rental assistance program endures, but owners worry speaking out could impact their applications

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August 24, 2021

Kathy Hochul pledges to speed up rent relief rollout

Newly sworn-in governor plans to hire additional staff to process applications and identify holdups

“I am not at all satisfied with the pace that this COVID relief is getting out the door,”

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August 21, 2021

Back in business: City marshals prep for wave of eviction orders

At least 40 tenants have been evicted this year despite the state moratorium

Hundreds of new eviction cases were filed last week after a court ruling weakened the state moratorium

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August 19, 2021

Albany better move fast to get federal funds to tenants and landlords

Of the state’s $2.6 billion in federal rent-bailout money, less than $100 million has been doled ou

Billions of dollars have yet to be distributed by the state to help renters and landlords

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August 17, 2021

Five Ways For Landlords To Lower Vacancy Rates And Increase Renewals

Avoid the overhead and stress associated with tenant turnover by focusing on retention.

If you’ve found great tenants who pay rent on time and respect your property

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August 17, 2021

Landlords and Tenants Worry About Effects of Ruling on Eviction Moratorium

$2 billion rental assistance program aimed at helping tenants pay their landlords has given funds to fewer than 5 percent of applicants since its start in June.

Landlords could technically start filing suits immediately to evict tenants

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August 13, 2021

Supreme Court Blocks Part of New York’s Eviction Moratorium

The law does not relieve tenants of their obligation to pay rent or block lawsuits for unpaid rents.

A provision that instructed housing judges not to evict tenants who have been found to have suffered financial hardship.

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August 12, 2021

Rent relief will miss eviction moratorium deadline for many

Three weeks before protection ends, only 4% of aid has reached New Yorkers

Tenant applications for over $460 million in aid had been approved but were awaiting landlord participation

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August 12, 2021

New York landlords see no saving grace in return of evictions

Tenants with rental arrears pay what they can when they have it

Without rent relief, property owners weigh whether to wait or sell

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August 12, 2021

Kathy Hochul faces tough decisions on real estate

She had a history of being a responsible, thoughtful leader

Issues crucial to industry on deck for incoming governor

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August 11, 2021

Billions in allotted rent aid hasn’t gone out

$3 billion of the $46.6 billion Congress allotted in rent relief has reached those who need it

Local logjams have meant just $3B of $47B has been sent to tenants, landlords

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August 09, 2021

How the Biden Administration’s Proposed Tax Plan Could Affect Real Estate

Long-term capital gains and qualified dividends for taxpayers with income over $1 million from 20% to 39.6%, beginning retroactively from April 2021

Key items you should be aware of if your business is in the real estate industry

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August 09, 2021

Multifamily Investment Booms Despite Eviction Moratoriums

You keep thinking it can’t get more expensive, that cap rates can’t go lower and prices can’t go higher

Collections, vacancy and rent are at, or above, pre-pandemic levels and investors are all in

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July 27, 2021

City program could supplement state rent relief — if next mayor signs off

mayor to expand and strengthen an existing program that offers one-time assistance to tenants with rent arrears.

One Shot Deal funds $150M in rent arrears each year; a progressive think tank wants Eric Adams to double that

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July 27, 2021

NY rent relief rollout slowly inches forward as evictions loom

The state has a $2.7 billion pot of funds to be distributed, but only a tiny sum has made its way to landlords since applications finally opened June 1

State has distributed just $117K in rent relief from $2.7B pot, with 160K applications filed

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July 20, 2021

Albany passes good cause eviction bill. Tenant advocates vow rest of NY is next

“Unreasonable” is defined as any increase exceeding 3 percent of the annual rent

Tenants can’t be evicted for nonpayment of rent in cases where an “unreasonable” increase in rent occurred

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July 20, 2021

Recent Commercial Real Estate Transactions

Recent commercial real estate transactions in New York.

Built in 1931, this 8,600-square-foot, four-story building in Flatbush has six three-bedroom apartments and a vacant ground floor classified as […]

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July 16, 2021

Rent law, Covid leave family landlord with one choice: sell

Income not keeping up with expenses

Multifamily building sales from 2017 through the second quarter of 2021 show new listings for properties in Brooklyn jumped as […]

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July 14, 2021

For Smaller Landlords, Rent Moratoriums Just Pass The Payment Buck Up The Chain

But it’s been a long time coming, and many landlords aren’t happy

When it expires, renters will have to start paying again, or risk eviction and court

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July 12, 2021

What to know about taxes when selling investment properties

Many individuals often overlook is tax liabilities

If you’re new to real estate investing, it’s likely you’re reading every book and article on the topic

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July 11, 2021

A Landlord Says Her Tenants Are Terrorizing Her. She Can’t Evict Them

Her tenants curse and spit at her and owe more than $23,000 in rent

Eviction moratorium keeps them from being kicked out

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July 11, 2021

NYC Renters Signing Record Numbers of Leases, But Rents Still Down

Number of listings on the market had risen 279 percent compared to this time last year.

Brooklyn, the median rental price was down 11.3 percent — to $2,700 — compared to June of 2020

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July 09, 2021

Real Estate Industry Couldn’t Be Happier With Eric Adams’ Primary Victory

Adams’s eight-year history shepherding the East New York, Brooklyn, rezoning and bolstering multifamily high-rises in Downtown Brooklyn and Williamsburg

The Brooklyn borough president emerged as a palatable choice for developers and brokers

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July 01, 2021

Supreme Court declines to lift CDC eviction ban

In a 5-to-4 ruling late Tuesday, the Supreme Court rejected an emergency request to vacate the ban

Split-court ruling means landlords must endure for at least another month

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June 30, 2021

Like-Kind Exchanges To Be Limited Under Biden’s Tax Proposals

The limitation on like-kind exchanges coupled with increased tax rates on long-term capital gains could cause the 2022 tax bill of high-income real estate professionals to skyrocket.

Biden’s newly released Green Book provides further detail surrounding his tax proposals.

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June 30, 2021

1031 Exchanges Could Change Forever — What Do You Need To Know?

Study found that 88% of replacement properties acquired through 1031 exchanges were disposed of through a subsequent taxable sale

This section of the tax code has benefited investors large and small for 100 years.

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June 24, 2021

Rent Guidelines Board, voted 5 to 4 that on one-year leases

First six months of the lease but may increase it by 1.5% for the next six months.

On two-year leases, landlords may increase rent up to 2.5%.

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June 24, 2021

Real Estate’s Odds in NYC Mayor’s Race Just Got Better

Mayoral candidates thought to be especially amenable toward real estate interests

Of the three likeliest winners, two — Eric Adams and Kathryn Garcia — have signaled they’re pro-development

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June 22, 2021

Money for Real Estate Post Pandemic

Recovery has been faster than many expected

Guests from the banking industry note that while the process is just beginning

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June 22, 2021

Rent Relief Has Arrived. Here’s How Landlords and Tenants Can Claim It.

Depending on your tenants’ income, they may be eligible for rent relief through the Emergency Rental Assistance Program

A new rent assistance fund began accepting applications this month

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June 16, 2021

NYC real estate biz is fighting bevy of new taxes, regulations

Capital gains tax hike would be retroactively applied to assets sold after April 2021.

Capital gains above $1 million from top bracket rate of 43.4% in New York State and city taxes are added, […]

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June 14, 2021

Dear Mr. President: Landlords urge Biden to let eviction ban expire

Twelve organizations representing landlords, brokers and developers sent a letter to President Biden on Friday

Federal moratorium set to end June 30; but tenant advocates maintain wave of evictions will follow

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June 10, 2021

Battle Over Rent Hikes Turns to Who’s Suffered More: Tenants or Landlords?

Landlords are making a last-ditch argument that helping tenants in need is the job of the government

The overall jump in expenses: 15%.

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June 10, 2021

New York Rents Appear Close to Bottom

After a year of record price declines, lease signings are up and landlords are pulling back on rent concessions

After months of record price cuts and concessions, New York City’s rental market appears to be turning the corner

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June 08, 2021

State renews J-51, putting tax break’s fate in city’s hands

The J-51 ball is now in the city’s court.

Program to subsidize renovations expired a year ago

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June 03, 2021

Where mayoral candidates stand on real estate

Among the top eight candidates, several could be seen as allies by real estate.

Differences emerge on industry donations, housing policy, taxes

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June 01, 2021

NYC Broker Confidence Hits Pandemic High, REBNY Finds

Brokers were feeling 56 percent more confident in New York City’s real estate market in the first quarter of this year.

Overall, broker confidence reached a 6.6 out of 10, which was a 79%.

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May 31, 2021

Bidding Wars And Broken Promises: New York City’s Rental Market Bites Back

Renters are seeking more space than they might have prior to the pandemi

Some listings are receiving multiple applications within 24 hours of hitting the market

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May 30, 2021

The Residential Rental Market

Investors describe New York's market as fragmented; institutional investors are coming back.

Rentals are now moving, there’s a pent-up demand, buyers are coming up to seller’s price.

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May 28, 2021

All eyes on de Blasio after City Council approves housing voucher increase

Values would increase to $1,945 for a one-bedroom or $2,217 for a two-bedroom

Bill would increase subsidies for homeless New Yorkers to federal levels

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May 28, 2021

I read the number of rentals being warehoused has tripled. Is this legal

Landlords have increasingly opted to not rent their units at all, in the hopes that the market will soon shift and they will be able to charge the rents they want.

It’s not against the law for landlords to keep apartments vacant

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May 28, 2021

What Commercial Real Estate Looks Like a Year Into the Pandemic

The light at the end of the tunnel may be in sight for the U.S. economy.

“Strong economic growth, some indication that the pandemic coming under control, and continually supportive government policy all suggest broad positive […]

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May 25, 2021

New York rent relief applications open June 1

The state legislature approved the $2.7Bprogram in the budget that passed in early AprilThe state legislature approved the $2.7B program in the budget that passed in early April

Program will allocate $2.7B to tenants, landlords hit hard by pandemic

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May 17, 2021

Where the lawsuits challenging NY’s 2019 rent law stand

Fighting an uphill battle, plaintiffs set their eyes on a sympathetic Supreme Court

Five separate suits challenging the law’s constitutionality are still taking up space on court dockets.

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May 13, 2021

New York’s rent relief site goes live — without applications

Benefits include up to 12 months of rental arrears

New York’s rent relief site goes live — without applications New site has information on rental relief program

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May 13, 2021

Rental-to-condo conversions drop 80% after 2019 rent law: report

51% of tenants in a rental building must agree to buy their unit for a conversion to take place

Post-2019 change, 51% of tenants must buy into conversion plans

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May 12, 2021

City expands free legal services for tenants, fearing eviction rush

New York renters will have another lifeline when the statewide eviction moratorium sunsets.

Mayor signs bill giving representation to all low-income renters facing eviction

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May 11, 2021

Federal guidelines could complicate state’s rent relief rollout

It is unclear how the state will need to revise its program based on the new guidelines

State must offer funds directly to tenants if landlords choose not to participate in the program

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May 05, 2021

Rent relief hinges on dwindling goodwill

Landlords who accept it can’t evict a paying tenant for a year

New York landlords and tenants will gain access to $2.3 billion in federal aid allocated by the state.

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May 03, 2021

New York votes to extend eviction ban through August

Certain residential and commercial tenants can now avoid eviction until at least Aug. 31.

Frustrated landlords demand Albany get rent aid out the door

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May 03, 2021

Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts

100 days into his administration, the president has called for partially eliminating like-kind exchanges.

Uncertainty surrounding capital gains tax break lingers

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May 03, 2021

City rent board missing landlord rep ahead of preliminary vote

With just four days until its preliminary vote, the city’s rent board is still one landlord voice short.

Real estate groups say lack of representation is par for the course

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May 03, 2021

NY investment sales hit lowest point since pandemic began

Down 75% compared from the same period last year, and down 67% from the fourth quarter of 2020

In Q1, sales totaled $1.84B

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May 01, 2021

Albany Appears Poised To Extend Eviction Moratorium Again

Albany legislators are expected to vote Monday to extend the state’s eviction moratorium until August 31s

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May 01, 2021

Landlords seek up to 5% rent hike on stabilized apartments

Rent Stabilization Association, which represents 25,000 landlords, requested an increase of between 2 and 4 percent on one-year leases and 3 to 5 percent on two-year leases.

Property owners testified at Rent Guidelines Board’s Thursday meeting

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May 01, 2021

New bill would mandate retail lease renewals in NYC

A landlord fails to give a tenant the required notice, the amount they can raise rent during that one-year extension can drop to as low as 7%.

Tenants would have one-time option to extend leases up to a year

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April 27, 2021

Lawmakers to extend eviction, foreclosure protections through August

Landlords argue state lacks rational for extension

The extender bill is expected to go to a full vote in the Senate and Assembly later this week.

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June 30, 2021

43.4% Capital Gains Tax?

Biden officials leaked that they will soon propose raising the federal tax on capital gains to 43.4% from a top rate of 23.8% today.

Make that more than 55% if you live in New York or California.

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April 23, 2021

NYC Rents Are Plummeting. But Will It Last?

Rents fell by 10% year-over-year, the largest annual decline in Brooklyn has ever experienced

The market reached a new milestone in the first quarter of 2021, as NYC rents hit record lows

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April 23, 2021

Falling rents double city’s supply of voucher-accessible apartments

Falling rents mean holders of the federal vouchers have more opportunity to live in convenient locations or in units with more space and amenities.

Eligible units are still outnumbered by Section 8 recipients

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April 14, 2021

Recent Commercial Real Estate Transactions

Erik Rodriguez represented both parties for this transaction

Sold Price $1,180,000

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April 13, 2021

What Does The Eviction Moratorium Mean For Landlords?

On March 31, the CDC sent out a message: it was extending its moratorium on residential evictions until June 30, 2021

Small landlords in the NYC area to find out what this means for them.

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April 12, 2021

Real Estate Leaders Perspectives on the State of the Market.

Employees returning to offices would be most beneficial. Retail, luxury condos, and hotels may continue to be challenged but it's a time to be cautiously optimistic.

Discussing various real estate asset classes a year into the pandemic, guests see hopeful signs of increased activity in the […]

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April 08, 2021

Real estate’s wins and losses in new state budget

$4.3B in “temporary” tax increases on the personal income of New York’s highest earners and on corporate income.

More than $2 billion in federal and state rent relief, but also tax hikes exceeding $4.3 billion.

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April 08, 2021

Brooklyn, Manhattan rental markets “beginning to pivot”

Brooklyn rental market is on the upswing, particularly when compared to where things were a year ago.

Prices rising one year after pandemic hit, but don’t call it a full recovery yet.

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April 08, 2021

NY close to approving $2.4B rent relief bill — but its rollout will be the real test.

Landlord, tenant groups voice concerns about certain provisions.

Newly bill, would bar evictions and rent increases for one year in cases where landlords accept aid.

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April 03, 2021

What landlords and tenants need to know about NYC security deposit laws.

HSTPA amended General Obligations Law (“GOL”) § 7-108 prohibit landlords from collecting more than one month of security or from taking any payment of future months’ rent

Landlords who charge more than one month’s rent for security at lease execution are taking a substantial risk.

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April 03, 2021

The Brooklyn-Manhattan Rent Gap Is Shrinking Fast

The future for New York’s rental market, and for working at home, remains hard to predict.

During the pandemic, the difference between the median rent in the two boroughs nearly vanished.

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April 01, 2021

Tenants and Landlords’ Future Hang in Balance Over State Budget. Here’s What That Means

New York has $2.3 billion from the federal government

Albany finally have the big bucks to pass a substantial relief program as part of the state budget

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March 30, 2021

CDC extends eviction moratorium until June 30

The federal ban on evictions has been extended yet again, bringing relief to tens of millions of renters struggling to catch up.

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March 29, 2021

My Tenant Won’t Pay, but Won’t Go. What Can I Do?

Most residential tenants fill out a hardship declaration.

There are no easy options when it comes to collecting back rent these days, so landlords would be wise to […]

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March 25, 2021

NY’s Second Round Of Rent Relief Only Distributes $7 Million Of $60 Million Available

It’s estimated that between 800,000 to 1.2 million households in New York collectively owe more than $2 billion in rent

Second Round of Rent Relief Reached Even Fewer People Than First

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March 24, 2021

From bad to worse: Rent relief program still failing to reach New Yorkers

New York has paid out just $7 million out of $60 million available for struggling tenants

Barely 1% of tenants owing rent have received aid in second round

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March 22, 2021

Housing advocates pressure lawmakers to ban no-cause evictions, rent increases

The Senate proposal would prevent landlords receiving rent relief from evicting tenants for nonpayment

Senate and Assembly released their one-house budget resolutions, providing a snapshot of each chamber’s priorities

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March 20, 2021

Why affordable housing sits empty

I thought landlords were bluffing when they said the new rent law would force them to leave some apartments vacant.

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March 20, 2021

Landlords shun federal rent relief over program requirements

Tenants who received rent relief had landlords who declined to participate in the program.

Some of those property owners are turning down the funding that they’re eligible for

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March 16, 2021

Manhattan judge upholds 2019 rent law

In his decision, Ramos said the landlords “knowingly entered a highly regulated industry,” according to the report.

Judge says landlords have no constitutional right to “unregulated market”

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March 12, 2021

Commercial eviction moratorium expanded, extended through May

Cuomo first announced a State moratorium on residential and commercial evictions on March 20 last year for a period of 90 days.

The state legislature is set to extend the eviction moratorium on small businesses and landlords with fewer than 10 apartment […]

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March 12, 2021

While Rents Keep Declining, Signed Leases Rise in Brooklyn

Is this a sign that things are turning back to where they were pre-pandemic? Or does it show continued instability?

The shift in new lease signings seems to be happening quickly, especially for smaller units

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March 12, 2021

Biden’s Stimulus Package: What’s In It for Real Estate?

The bill includes a variety of measures to provide relief to households, businesses, public institutions, and local governments.

$23.5 billion will be allocated for New York.

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February 26, 2021

Lawsuit challenges New York eviction ban’s constitutionality

Five small landlords sue AG Leitia James over hardship declaration requirement

Blanket moratorium on evictions is unconstitutional.

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February 24, 2021

Where mayoral candidates stand on real estate

Mayoral contenders have tapped into several discussions about curbing for-profit development.

Differences emerge on industry donations, housing policy, taxes

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February 24, 2021

The Other Side of Rent Debt: Five Small-Time Landlords Who Are Stuck

Hardship fund for small landlords and homeowners

Thousands of small landlords who have had their finances fractured by a year of eviction moratoria

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February 24, 2021

A reckoning on rent

Eviction bans and the weakening of the rental market have made landlords less inclined to play hardball

Tenants owe landlords $57 billion. What happens when they don’t pay?

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February 22, 2021

How Landlords Get COVID Relief Funding

Assistance is available, and how to apply so you can take advantage of this program

Commercial real estate investors that can be accessed through state and local governments

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February 20, 2021

Lawmakers call for $2B in rent relief in state budget

More than 30 Assembly members called on Heastie to push for the inclusion of $2.25 billion in rent relief in the 2021 state budget

Assembly members also want rent debt forgiveness for tenants

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February 12, 2021

How will renting in NYC change if mom-and-pop landlords cash out?

Small property owners are more likely than institutional landlords to own smaller, more affordable buildings

Mom-and-pop landlords say they’re being chased out of New York City

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February 11, 2021

Landlords hail relief bill as end of “cancel rent”

This bill does not purport to cancel rent, this bill pays the rent.

Newly amended legislation would distribute $1.3B in federal funds.

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February 11, 2021

Manhattan and Brooklyn renters sign leases in record numbers.

Rental activity that defined the Manhattan and Brooklyn markets at the end of 2020 has continued in the new year.

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February 11, 2021

NYC’s Small Landlords of Color Among Those Battling for Survival Amid Rent Moratorium

Large rent arrears mean owners are in default in majority Black neighborhoods.

Repeat of the foreclosure crisis with a disproportionate impact on Black and Hispanic landlords.

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February 10, 2021

Rental payments improve in February after stimulus payments

Monthly survey of 11.6M rental units showed slight uptick from January

That’s a slight uptick from last month, when 76.6% of renters made a payment by the first week of the […]

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February 04, 2021

What Can We Expect in 2021?

Guests discussed the renter's market, multi-families, and New York - not so politically friendly attitude toward real estate.

Guests are optimistic about 2021, expecting low growth in the first quarter, with gains in the second half.

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February 04, 2021

New Bill Would Legalize Basement Apartments in New York

That proposal hasn’t progressed much, but state officials are now taking steps to push that vision forward.

Measure on accessory dwelling units comes with rent control

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February 04, 2021

Global real estate investment bounced back in Q4

Deals worldwide totaled $290 billion in the fourth quarter of 2020

US deal volume nearly doubled quarter-over-quarter; multifamily and industrial held strong

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January 28, 2021

Landlords increasingly turn to lawsuits against nonpaying retailers

As dues enter into millions, lawsuits are flooding in

It’s been nearly a year since the start of the pandemic — and for some retailers, that means it’s been […]

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January 28, 2021

What New Policies Are Increasing Costs for Struggling NYC Landlords During COVID?

The real estate community's alarm over a recent proposal to install sprinklers in every apartment highlighted landlords

Rising liability insurance costs, and delays in city approvals that are making it increasingly challenging to break even financially.

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January 27, 2021

The NYC Real Estate Industry Wants Big Things From Biden. Take a Number

54% of New York state voters believe the Biden presidency will be good for New York

Real estate leaders support Biden’s plan for $25 billion in rental assistance

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January 27, 2021

Five key real estate proposals in Cuomo’s budget

Evictions, emissions, infrastructure among governor’s priorities

Commercial eviction ban | Office and hotel conversions | Emission cap workaround | Tax and disclosure changes | Infrastructure

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January 27, 2021

Multifamily landlords feel pain as tenants miss rent payments

Though some banks have backed away from lending to multifamily, some investors are finding a niche by giving struggling apartment owners high-interest financing.

The share of the riskiest apartment debt held by banks rose to 17%

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January 27, 2021

Lawmakers one-up Cuomo with commercial eviction and foreclosure bill

Commercial tenants would not be required to disclose the amount of relief they have already received

Ban evictions of businesses with fewer than 50 employees until May 1

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January 27, 2021

Industry heavyweights back New York’s fight against controversial rent laws

We think the arguments laid out in our brief and supported by the amicus filings today will be successful

We look forward to restoring property rights to thousands of property owners

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January 27, 2021

Commercial building sales slumped in 2020, but deals are on the horizon

Development sites, multi-family and industrial properties are also seeing traction, thanks to a pandemic-induced surge in internet sales

Cash-rich investors looking to use the slump to beef up their portfolios there’s plenty of pickings

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January 26, 2021

NYC investment sales showed signs of recovery at end of 2020

Total dollar volume in the fourth quarter was $4.7 billion, up 18 percent from the third quarter total.

Overall dollar volume in Q4 was $4.7B

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January 24, 2021

Oh Crystal Ball: Outlook on investment sales in 2021

With investment sales down 66% - 2020 has been a difficult year. All - are looking forward to a better 2021!

Guests discuss a trend in investment sales to seek transactions outside of New York

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January 23, 2021

Investment sales fell by half in December to finish year down 48%

Tax revenue from real estate is responsible for 53% of the city’s operating budget.

Sales volume in December was off 51% from a year ago, to $2 billion, even as transactions fell by a […]

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January 21, 2021

Biden to extend limits on evictions, foreclosures

President Joe Biden is extending federal limits on evictions through at least the end of March.

Biden is expected to move quickly to extend protections for renters, Bloomberg reported, and may sign an executive order within […]

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January 19, 2021

NYC property values fall but taxes go up

Calling on the city to freeze this year’s property tax assessments after the COVID pandemic wiped five percent off the value of its real estate.

The real estate industry generated more than half (53 percent) of the City’s total annual tax revenue in the last […]

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January 18, 2021

What We Need to Know about the Federal Stimulus Package-Pt2

Federal Stimulus Package effecting small businesses and individuals: tax extenders (tax credit extenders), short-lived, some permanent, taxes on 2020 PPP loans, and unrelated Covid matter

Any parts of the bill: loan forgiveness, eligibility, administration still require clarification

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January 14, 2021

New York Rents Continue to Slide, While Sales Rebound in Brooklyn

Brooklyn, the December median rent, including concessions, was $2,564, down 11.4% from a year ago

Landlords in December continued to offer discounts not seen since the Great Recession

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January 14, 2021

Landlord-tenant implications of New York’s new Covid Emergency Law

Provides no relief to landlords and mortgagees, no way to force the property to be income producing

If a tenant files a Hardship Declaration with an Owner, the Owner cannot bring an eviction proceeding before May 1, […]

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January 12, 2021

Empty commercial space to become homes under CUOMO recovery plan

New York’s real estate leaders have applauded Governor Andrew Cuomo’s plans to rebuild the economy after COVID, which includes converting surplus commercial space into housing.

Plan to rebuild the economy also included legalizing adult-use cannabis and online sports betting tax to help plug a $15 […]

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January 09, 2021

Extend commercial eviction ban through the spring

Some commercial landlords have agreed to payment plans or lease payments based on a percentage of tenants’ income

The ban on commercial evictions may continue through the spring, if Gov. Andrew Cuomo has his way.

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January 05, 2021

What will make or break New York’s residential market in 2021

Federal Reserve’s commitment to keep interest rates low until 2023, there may be a light at the end of the tunnel.

Rents are in freefall and the vacancy rate hit an all-time high of 5 percent.

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December 27, 2020

Albany strikes deal on eviction and foreclosure bill

Limits on ousting tenants will be in place until May 1

Cuomo had previously said he intended to extend existing legislation limiting evictions, portions of which were to expire at the […]

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December 26, 2020

The Real Estate Collapse of 2020

The median rent in November fell about 6 percent in Brooklyn and Queens, to $2,400 and $2,100, compared with the same period last year.

The pandemic devastated the housing industry this year, but there were a few flickers of life.

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December 24, 2020

Lawmakers rush to pass more limits on residential evictions

State lawmakers are racing to pass legislation before the end of the year to significantly expand upon the existing limits on residential evictions.

Move comes hours after governor says current regime will be extended

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December 23, 2020

The Evictions Are Coming. Housing Activists Are Ready.

Orders to halt evictions in New York expire soon. What happens next?

“We have this big coalition of organizations that are working to put pressure on the landlords directly to reduce the […]

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December 22, 2020

New York to get $1.3B for rent relief in stimulus package

Congress has finally reached a deal on a relief package that includes $25 billion in rental assistance, of which New York would receive $1.3 billion.

Landlord groups say it’s a good start, but not enough

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December 22, 2020

Congress came through. Why is real estate not satisfied?

Its omission of funding for city and state governments, however, means real estate will have to fight next year, in New York and probably elsewhere, to stave off tax increases.

Holes in the federal aid package will hurt the industry starting next year

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December 17, 2020

Half of NYC landlords losing money

20.97% of tenants living in rent regulated apartments paid no rent for December, up from 17.56% in November.

The government needs to step up and provide rental assistance to renters who cannot afford to pay, and give housing […]

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December 16, 2020

NYC Rent Declines Surpass Those of the Great Recession

New York City rents have fallen more this year than they did during the Great Recession

Brooklyn, rents dropped 6.3% year over year, and the median asking rent was $2,400. After the 2008 financial crisis, rents […]

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December 15, 2020

Move for a Better Deal, Then Spite-Watch the Falling Rent on Your Old Place

That’s when she realized the apartment had been listed for $2,583 per month, $720 less than the landlord had been asking them for.

Her landlord told her the rent was increasing from $3,250 to $3,300. Knowing that it was a renter’s market, Knibbs […]

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December 10, 2020

City passes new law to help developers get their tenants in faster

This legislation creates a new type of temporary Certificate of Occupancy for buildings in our city

These new ICOs will not require renewals, cutting red tape for the construction industry while also providing peace of mind […]

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December 10, 2020

With a new supermajority, Democrats eye more progressive real estate protections for renters.

The Albany Democrats' progressive agenda is making some in the real estate community jumpy.

Since the mid-terms, Democrats have held the majority of seats but a supermajority allows Democrats to override any veto from […]

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December 10, 2020

Housing Fights to Be Heard in the Mayoral Race

The New York mayoral race may pivot on how well the candidates address a long list of housing policy proposals put forth by a wide-ranging coalition.

A coalition of housing groups releases a blueprint that includes rezoning affluent neighborhoods, legalizing basement apartments and turning hotels into […]

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December 10, 2020

Tenants sign leases in record numbers but rents stay down

In Brooklyn, new leases signed last month were up nearly 28 percent, with 1,122 deals compared to last year’s 878.

The median net effective rent in Brooklyn was $2,619, down 8 percent from $2,855 a year ago. Inventory also remained […]

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December 04, 2020

Cuomo to ease requirements for rent relief

The funds were provided under the CARES Act and will be returned to the federal government if not spent by Dec. 30

$60M in funds will be returned to federal government if not used by Dec. 30 deadline

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December 02, 2020

A Little-Known Law Could Have Major Effect on Small Property Owners Across Brooklyn

Alex Lewis, a master plumber at Stanley Lewis Plumbing and Heating in Crown Heights, said property owners were reaching out to him nonstop

Brooklyn landlords receiving notices from plumbers last month warning them they might be fined $10,000 by the city.

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December 01, 2020

Judge upholds city laws protecting non-paying businesses

A federal judge swept away a legal challenge to a package of bills designed to protect retail tenants during the pandemic.

Lawsuit sought to overturn laws signed in response to the pandemic

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November 30, 2020

Nearly 100 Basement Apartments Hit With Vacate Orders During Pandemic

HPD inspectors issued 95 vacate orders for illegal occupancy between March and October of this year.

Advocates say that the tenants living in an estimated tens of thousands of basement apartments represent some of the city’s […]

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November 25, 2020

First Tenant Evicted in NYC since the Pandemic Started. Here’s What It Means

Housing advocates said that any evictions taking place right now signals that we should expect more, even with COVID cases rising.

Marshals recently carried out the first legal residential eviction in New York City since the start of the pandemi

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November 24, 2020

Biden Presidency May See Higher Individual Tax Rates, 1031 Repeal

Maybe not quite where he wants to get at 39 percent (top rate). But I do think you’re going to see a tax plan move in the first year.”

The thought process is, if you’ve got large capital gains, do you consider your options and recognize capital gains now, […]

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November 17, 2020

New law gives landlords a deadline for making repairs

The legislation rewrites the so-called 7A law and establishes a 60-day maximum on deadlines for property owners to make court-ordered repairs to their apartment property.

New York landlords will be required to speed up potentially dangerous repairs to their properties under a new law just […]

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HPD
November 17, 2020

Advocates call for hardship fund for landlord

The package would include a hardship fund for small landlords that could enable cancellation of rent in the state.

A federal relief package benefiting New York may not happen until February

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November 13, 2020

Banks want buyers to fork over larger down payments. Here are some workarounds

Banks are requiring higher down payments in order to get to a deal, in some cases up to 30 percent or more as they continue to tighten their lending practices.

With tighter restrictions it’s more important than ever to shop around for a mortgage.

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November 13, 2020

Landlords pull renters back to NYC with low rents and concessions

New leases hit the highest October total in 12 years, rising 33.2 percent over October 2019

Renters returned to Manhattan and Brooklyn in October—in a big way. Months of falling rents and rising concessions—spurred by a […]

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November 13, 2020

Tax revenue from NYC property sales plunges $1.4B

Despite an uptick in investment and residential sales over the last month, the drop-off in tax revenue from such deals this year has reached $1.4 billion.

REBNY report shows missing money has hit 10 figures

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November 10, 2020

Landlords call for investigation into soaring insurance costs

In one case, total insurance costs for a small owner (less than 150 units) more than doubled from $639 per unit to more than $1300 per unit in 2020. A larger owner (more than 500 units) also reported that their per unit costs jumped from $648 to more than $1000 in 2020.

Average insurance costs for the Bronx to be $720 per unit a year

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November 06, 2020

NYC rents and inventory dipped in October

Median rent dropped by 3%, and 27K apartments are available

Brooklyn saw a decline in both prices and inventory. The median rent fell 3% to $2,615 from $2,700 the month […]

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November 04, 2020

How to tell if your property manager is taking kickbacks—and what to do about it

Shady dealings in a building’s finances may be evident from strange payment patterns or payments being recorded as credits.

I suspect my property manager is corrupt. How can I find out if they’re taking kickbacks, and what should our […]

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November 04, 2020

Cuomo gives tenants 60 days to answer eviction notices

Landlord representatives decry continued lack of financial relief

The extension comes as a pause on Civil Court deadlines was about to run out — which would have opened […]

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November 03, 2020

Commercial property tax delinquencies jump 50%

Property taxes account for more than 40% of NYC’s tax revenue

Property taxes account for more than 40 percent of the city’s tax revenues, with real estate taxes accounting for more […]

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November 03, 2020

Landlords face hard deadline on court-ordered building repairs

Legislation awaiting Cuomo’s signature would ban multiple extensions by judges

If signed into law, would force property owners to fix their building within the court-imposed time limit, or risk losing […]

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HPD
November 03, 2020

What is the Certificate of Occupancy, and why is it such a big deal?

A building can not be legally occupied. So if you are in a building that doesn’t have this document, except in some rare instances, you run the risk of the city issuing a vacate order

It states how a building can be used—and covers both the type of use the building is zoned for

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November 03, 2020

New York denied rent relief for 57K applicants

The state’s Division of Homes and Community Renewal has turned down thousands of applicants

More than 57,000 New Yorkers who didn’t meet the program’s requirements did not receive aid from the agency

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October 30, 2020

NYC’s largest multifamily lender says rent collections are at pre-pandemic levels

NYC largest multifamily lender said rent collections in its loan portfolio have returned to pre-pandemic levels and the vacancy rate less than 3%

NYCB execs say apartment vacancy rate is low; share price down 31 percent this year

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October 30, 2020

What is a 1031 exchange, and how do I take advantage of it?

There are plenty of rules and red tape associated with the 1031 exchange program. Read on for more details.

If it’s an investment property, rather than your primary residence, you can be taxed on your capital gains—i.e.,

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October 27, 2020

AG piles half-a-million in fines on rent regulation cheats

Attorney General Letitia James, who announced agreements in the four cases involving the fraudulent use of the 421-a program

Four New York City developers have been fined over half-a-million dollars after trying to skirt rent regulations.

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October 27, 2020

Big landlords move to evict thousands of tenants despite COVID ban

They allow landlords to start eviction proceedings now & don’t require them to tell tenants about the protections that are available.

CDC rules say such tenants can’t be physically removed from their homes before the end of the year.

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October 23, 2020

NY falls behind Dallas, LA in CRE investment as deals surge nationwide

Most years, investment increases about 9% from the 2nd quarter to the third.

After the pandemic dramatically slowed commercial real estate deals across the U.S., the summer saw an uncharacteristically high uptick — […]

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October 23, 2020

Dead weight: A breakdown of NYC’s rental listing glut

Manhattan listings make up the bulk of NYC rentals on the market

The pandemic and subsequent shutdowns have dealt a serious blow to New York City landlords, sending vacancy rates soaring and […]

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October 22, 2020

Rent collections in market-rate apartments stagnate in October

Rent payments are down 2% since 2019 but unchanged from September

The National Multifamily Housing Council’s monthly payment tracker, which collects data on collections in 11.4 million market-rate units, found that […]

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October 21, 2020

8 tips for first-time landlords in New York City

if you are new to being a landlord, your checklist should include getting up to speed on the impact of the 2019 changes to the rent laws...

If you are new to being a landlord it’s worth going to extra lengths to find a financially qualified tenant.

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October 20, 2020

One sixth of NYC landlords on brink of default

16.41% of residential tenants paid no rent by the middle of October. This is an improvement from last month, 19.43% residential tenants paid no rent.

Without help from the government, more than 15 percent percent of landlords say they do not think they’ll be able […]

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October 20, 2020

“It’s compliance warfare”: Industry slams landlord accountability bills

Violations of $1,500 to $3,000 per day, instead of the current fine of $500 to $1,000.

Public Advocate Jumaane Williams introduced new legislation mandating a new landlord “watchlist

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October 16, 2020

NY Lost $755 Million in Tax Revenue from Real Estate Deals

Sales of commercial are down 45%+ this year through September, according to a report Thursday by the Real Estate Board of New York.

Sales in NYC are plummeting, and so is the tax revenue that’s generated with every transaction.

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October 16, 2020

Landlords less likely to take tenants to housing court because of the new rent laws?

Litigation against tenants is way down since the passage of the HSTPA last year

It’s been 16 months since the new rent laws were passed. What has the impact been on NYC rent-stabilized and […]

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October 16, 2020

Rents continue to drop, & landlords are feeling the crunch

Small property owners will take to the streets to demand action

Rents across the city continued their downward slide in September, and hundreds of frustrated landlords are feeling the crunch & […]

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October 10, 2020

Housing Court: New York evictions can resume Monday

Evictions may resume in New York on Oct. 12, but with “important caveats,”...

In a memo released Oct. 9, Administrative Judge Lawrence Marks said that residential evictions — including those for non-payment of […]

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October 10, 2020

3.7M renters may lose their homes due to eviction

Renters surveyed uncertain of ability to make rent, but industry rent data shows market-rate payments

Millions of renters believe they will be evicted from their homes in the next two months due to eviction, according […]

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October 10, 2020

New York Real Estate Is On the Mend

The recovery is tenuous, but renters are returning, buyers are getting deals, and those who stayed are finding a measure of vindication.

New Yorkers who left at the peak of the pandemic are starting to come back, lured by a range of […]

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October 05, 2020

$2.2T House stimulus package would ban evictions for 12 months

Bill faces headwinds from the Senate and White House

The first stimulus package, the $2.2 trillion CARES Act, passed with bipartisan support in March and helped stave off a […]

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October 02, 2020

Governor Cuomo’s ‘Moratorium’ on Evictions Won’t Really Stop Evictions

It’s “still full of loopholes,” as one lawyer put it

“It doesn’t stop evictions. It doesn’t stop cases from moving forward. It doesn’t stop landlords from filing cases…

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October 02, 2020

Here’s why Trump loves depreciation

Developers can say they are losing money, despite rising asset values

For residential rental properties, the depreciation period is 27.5 years and for non-residential it is 39 years, according to the […]

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September 29, 2020

Commercial tenant protections get extension from de Blasio

Personal assets remain off-limits to landlords

It applies to restaurants, bars, gyms, theaters, retailers subject to in-person restrictions, barbershops, hair salons, tattoo & piercing parlors.

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September 28, 2020

New York’s residential eviction protections extended through December

Gov. Andrew Cuomo signed an executive order extending the Tenant Safe Harbor Act until Jan. 1, 2021.

The law prohibited courts from issuing eviction warrants for unpaid rent that was due from the beginning of the crisis […]

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September 28, 2020

From unthinkable to reality: Cheap NYC apartments sit vacant

Several rent-stabilized apartments sitting vacant, with no plans to renovate them Last year’s legislative changes have her rethinking the future.

Landlords explain why even affordable units are empty

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September 24, 2020

Landlord-backed group raised funds to help renters

Project Parachute says philanthropies have added $3M to help New Yorkers facing eviction

Donors have added $3 million to a landlord-backed initiative begun in May to help some of the neediest New Yorkers […]

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September 24, 2020

Tenants get seat at table for legal challenges to rent

Lawyers representing tenants will be a party to all 5 cases, although landlords had argued for their exclusion

To the dismay of landlords, tenants now have a seat at the table in the legal challenges to New York’s […]

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September 24, 2020

Commercial Property Crisis Signals Hazards for Local Banks

Retail & apartment vacancies rising & rents falling, & employers cutting...

Before the pandemic emptied the city, few lenders benefited from the heady local real estate market…

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September 23, 2020

The Stoler Report, Real Estate Trends, broadcast featuring real estate and business leaders.

What's Really Happening in the NYC Residential Market?

New York’s residential markets to a crisis: a decline in rents, largely in affordable multi-families with work-force tenants…

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September 21, 2020

Commercial evictions, foreclosures halted through October

The moratorium was set to expire Sept. 30, but the governor signed a new executive order

New York’s moratorium on commercial foreclosures and evictions will be in place until at least Oct. 20, Cuomo announced on […]

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September 18, 2020

Bracing for an ‘eviction tsunami’ after state and federal protections end

What happens when local and federal eviction bans lapse?

Many renters don’t even know CDC eviction protection is an option for them.

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September 18, 2020

What low interest rates through 2023 means for real estate

Fed plans to keep interest rates low for the next few years, and will continue buying mortgage-backed securities

Fed signaled that short-term interest rate will remain at 0 to 0.25 percent, and projections are, rates will remain near […]

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September 18, 2020

Landlords lost about $9B in rental payments last quarter

Missed mortgage payments during the period totaled about $16B

Almost 11 million households were behind on rent or mortgage payments during the first three months of the pandemic.

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September 18, 2020

Eviction filings fall after Trump moratorium:

Data from Princeton University’s Eviction Lab shows that filings dropped in 16 cities during the second week of the month

Princeton University’s Eviction Lab finds drop in 16 cities

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September 13, 2020

Mortgage rates notch new low

The average rate for a 30-year fixed-rate mortgage dropped .07 percentage points for the week ending Sept. 10

The rates for a 30-year fixed-rate mortgage dropped 7 percentage points for the week ending September 10, reaching 2.86 percent.

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September 11, 2020

In New Development, Buyers Favor the Boroughs

Yes, some buyers are leaving Manhattan. But others are doubling down on Brooklyn.

Construction continues around the City Point complex in Downtown Brooklyn, one of the most active neighborhoods for new condo sales […]

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September 10, 2020

Neighborhood Hit Hardest Burdened COVID-19

The pandemic hit hardest in areas already bearing the brunt of the city’s affordability crisis.

As the rate of new COVID-19 cases has slowed in New York City, relief from the city’s high rents has […]

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September 09, 2020

Wall Street calls BS on apartment landlords

Many apartment landlords across the U.S. maintain that tenants are paying rent...

Some multifamily owners have pegged occupancy rates at 90%, but a key index that tracks publicly traded landlords has fallen […]

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September 05, 2020

Last-minute reprieve stops city’s tax lien sale

Friday for at least three weeks — and both state and city officials are taking credit for giving homeowners and landlords a break.

Cuomo, de Blasio both announce that they postponed sale…

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September 04, 2020

COVID-19 Protections for Renters and Owners in NYC and NJ

Here’s a running list of COVID-19 protections for renters and owners in NYC and NJ

As COVID-19 transforms New York City, public health orders at the city, state, and federal levels have been put in […]

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September 04, 2020

Why an Eviction Ban Alone Won’t Prevent a Housing Crisis

Renters receive more relief, but there’s a looming problem for landlords, especially those who own just a few properties.

Eviction crisis has seemed increasingly likely this summer…

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September 04, 2020

Trump eviction moratorium closing emergency doors

In the order, the CDC says COVID-19 “presents a historic threat to public health”

New York’s rental housing providers have rounded on the Trump Administration after it introduced a new moratorium on…

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September 04, 2020

New York landlords and tenants blast CDC eviction ban

Washington allows for some evictions and could also call state and local legislation into question

Washington’s new eviction ban shocked landlords and tenants when it came not from the agencies that oversee housing…

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September 04, 2020

No-fee rentals surge in Manhattan and Brooklyn

No-fee listings in Manhattan and Brooklyn are increasing, as the city sees an exodus of residents

No-fee listings made up 75 to 85 percent of all listings in Manhattan and Brooklyn in August, the New York…

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