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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