New York & Tri-State + Apartments | July 18, 2019

New York City's apartment rental market saw a mix of monthly gains and losses in December

New Rent Regs Put the Chill on Investment Sales

Although it’s arguably too soon to gauge the direct effect of the new rent regulations signed into law by Gov. Andrew Cuomo last month, the prospect of more restrictive laws has influenced investor behavior. B6 Real Estate Advisors reported that year-to-date apartment building sales are down 48% from the year-ago period, the biggest decline for any six-month period since 2009.

“Sweeping changes are coming to the New York real estate market by way of new rent regulations that passed the New York State Senate and Assembly last month,” according to B6’s midyear investment sales report. “While the impact of the new rules on the investment market may not be immediate, many real estate investors are bracing for an uncertain future.

“Even if existing multifamily stock is most directly affected, B6 expects a continued slowdown in activity across most asset types in response to the rent regulation,” the report stated.

Connect Texas Multifamily will take place August 15, 2019 in Dallas. For more information, or to register, click here.

Subscribe to Connect Daily New York

For comments, questions or concerns, please contact Paul Bubny

Connect

Inside The Story

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).