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What Happens Next To The Multifamily Market In New York?

On October 2nd, the Supreme Court of the United States put to bed CHIP v HSTPA by denying hearing a challenge to the rent laws of 2019. Since SCOTUS historically takes two percent of the cases that come to their desk this wasn’t a big surprise but more like a batted down Hail Mary pass. For the most part, the market has already priced in a SCOTUS denial because rent stabilized buildings have been selling for the past four years mostly based on interest rates, location, and property condition –…
Seth Glasser
October 24, 2023
ArticleBlog PostMarket Insights

3 Events That Will Change the Multifamily Market

We are entering the fourth quarter of 2023 with investment sales velocity down 50% over the same period last year. Valuations are down and owners have been slow to divest their assets. Rates have soared in the past 18 months to unsustainable levels so much so that Signature Bank, one of the premier lenders, went belly-up. Low sales velocity is not sustainable and it’s reaching its tipping point. There are three events that are converging on the multifamily market, seemingly all at once, which will shape the market for years…
Seth Glasser
September 11, 2023
Blog PostMarket Insights

Extend and Pretend: A Glimmer of Hope

In real estate, there exists a strategy known as extend and pretend. It refers to a practice where loans are extended and losses are deferred, all to maintain the façade of stability and prosperity. However, this once popular and seemingly effective approach is now standing on the precipice of collapse. The cracks in its foundation are becoming increasingly apparent, and the consequences of it loom ominously overhead. Nowhere is this truer than in the New York City multifamily marketplace. Four years ago, the business included 3 caps, cheap debt, generous…
Seth Glasser
July 13, 2023
Blog Post

New York City Rent Guidelines Board Testimony

On June 13, 2023 I submitted my testimony to the New York City Guidelines Board - you can submit yours too by June 15, 2023 here. Below you can watch and read my testimony. I'm Seth Glasser, a New York City multifamily commercial real estate broker and cohost of the New York City Multifamily Podcast. I am not speaking to you as an owner, rent stabilized tenant or even New York City resident. Think of me as a concerned citizen.  I'd like to highlight a hard truth—costs are rising in…
Seth Glasser
June 15, 2023
Blog PostMarket Insights

2023: A Decision-Making Year

As we move further into 2023, we are getting a better idea of what the remainder of the year will look like for the NYC multifamily market. To figure out what the future holds it’s often helpful to study the past. I’ve assigned a “theme” to each year: 2019 = HSTPA; 2020 = COVID; 2021= revitalized economy; 2022 = rising rates; And 2023 = decision making.
Seth Glasser
February 28, 2023