Wall Street will sell you SpaceX at a $1.75 trillion valuation on roughly $18.7 billion of revenue. That’s almost 100 times revenue for a company that lost nearly $5 billion last year. Meanwhile, rent-stabilized apartment buildings in New York City are trading around 5 times gross rent roll. Comparable metric. One is priced at 5x. The other at 100x. And the one at 5x is the one people are afraid to buy. What SpaceX is actually asking you to believe.   SpaceX wrote in its own S-1 filing that it…

From the early 90’s until June of 2019, NYC real estate only got better. There were a couple of bumps along the way, but those were relatively short lived. Enter HSTPA and owners need to adjust entirely to the new reality. Those that adapt survive, and those that wallow with indecisiveness risk everything. For the most part early adopters of change have been rewarded. For 25 years, the buildings provided cash flow, upside, AND asset appreciation. The trifecta! NYC rent laws were adjusted in 1993 to allow for individual apartment…

"It's finding the next one." Shaun Riney and Andrew Bronstein sat down with Greg Fournier — managing principal of Greenbrook Partners, one of the most quietly prolific operators in Brooklyn multifamily. Greg doesn’t do much press. That makes this conversation worth paying attention to. Greenbrook has deployed over $1.5 billion in equity, owns roughly 450 buildings across 20 Brooklyn neighborhoods, employs 150 people, and just closed a $486 million refinance with Freddie Mac through Invesco — covering 260 properties, roughly half the portfolio. Here’s what I took away. It Started…

"Bankruptcy isn't a dirty word." Shaun Riney and I recently sat down with Leo Jacobs - restructuring attorney, business litigation expert, self-described Winston Churchill of real estate, and one of the most interesting people we've had on this show. Leo represents some of the biggest landlords in New York City and has been at the center of many of the highest-profile distressed situations playing out right now. We recorded on the eve of the Pinnacle portfolio bankruptcy auction 5,500 rent-regulated units, the first of what Leo believes will be many.…

I recently put out a poll on LinkedIn with intentional ambiguity. The question was the following: Which building in NYC would you rather purchase? 100% rent stabilized building FM – but incomplete IAI docs 59% of voters would rather purchase a 100% rent stabilized building over a building with incomplete IAI (individual apartment improvement) documentation. Fascinating! It Depends The third choice of: “it depends” was intentionally omitted to spark conversation and thought. Allow me to explain why nuance is important. Rent Stabilized Nuances To Consider: How are collections? Condition: what…

To: Mamdani Transition & Housing Policy Team From: Seth Glasser and Shaun Riney, On Behalf Of Underserved Tenants Re: A Pragmatic Framework to Stabilize Housing, Protect Tenants, and Restore Supply Date: January 12, 2026 _________________________________________________________ Executive Summary New York City’s rental housing system is currently defined by conflict, distrust, and policy gridlock. The result has been predictable: deteriorating buildings, warehoused apartments, rising market rents, and growing pressure on tenants and housing providers alike. The Housing Stability and Tenant Protection Act of 2019 (HSTPA) was passed with the intent of protecting…

Since June of 2019 the industry has taken it on the chin year after year. This article is going to make an argument that the worst is behind us and although it might be hard to see, the future will be better than that past. Mamdani & The Mainstream Media Mamdani’s rise to power has drawn national attention. His campaign to “freeze the rent” has given the industry more free media attention than we could have gotten on our own. Rent stabilization used to be a topic of conversation reserved…

NYC Multifamily Pricing Today: What’s Up, What’s Down, And What’s Unchanged The multifamily market has been all over the place, with eye popping trades on both ends of the spectrum – some trades for $1,000 a foot, and some trades for $50/foot! Let’s dive in to see what assets are thriving, what’s struggling and what’s holding their own. 100% Free Market Free market rents continue to go up and that likely continues under the next administration. Equity groups that previously purchased buildings with a rent stabilized component are now all…

Zohran Mamdani has not been elected Mayor of New York City. He scored a decisive victory - but this was just a primary, not the general election. Anyone right of socialist or communist ideology should take a breath — and take note. According to Polymarket, just two months before the election, Mamdani had a 4.0% chance of winning. Kudos to him for running a well-organized campaign. The compliments stop there. Plenty of Time Until November Mamdani pulled this off in two months. We have four to make sure he doesn’t…

A 2019 housing law wiped out billions in wealth-building opportunities for New York’s rent-stabilized tenants — and no one is talking about it. On June 14, 2019, state lawmakers unintentionally wiped out $50 billion in wealth-building opportunity for the very people they claimed to protect. New York City has roughly 3 million apartments, fairly evenly divided among rent-regulated units, free market rentals, and condo/co-ops. Protecting the city’s poorest residents is noble — but when legislation is driven by ideology instead of logic, the consequences can be devastating. The Bad Apples…