What’s happening in the multifamily market today? The answer depends on what type of building you’re talking about. In this article I’ll paint with a broad brush and simplify five different types of deals, the challenges they each face, how buyers respond to what’s available for sale and things to consider when debating if you should hold or sell depending on what you own. 1. Inherently Free Market 2-5 Families Which Are Also Tax Class Protected There is seemingly an unlimited supply of these buildings, mostly in brownstone Brooklyn. Rents…

As the debt market goes, so goes the real estate market. Banks play a pivotal role in driving transaction velocity and pricing power. However, many banks are slow to adjust their strategies to shifts in the rent-regulated market, either failing to recognize changes or lagging a full year behind in response. With COVID-era financing reaching maturity over the next 18 months, banks must take proactive steps to facilitate refinancing, workouts, note sales, deeds in lieu, or short sales. The Challenge with Rent-Stabilized Notes When a borrower defaults, a lender’s first…

Dear Governor Hochul, We share the same mutual interest in the success of the New York City housing industry. I’m one of many salespeople representing property owners of rent regulated apartment buildings. I’m writing this letter to you on behalf of an entire industry inclusive of landlords and lenders who are too afraid to publicly tell the truth in fear of reparations, vilification, or rent strikes. We love New York City. We work, play, live, and pay taxes to the greatest city in the world, and we are here to…