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NYC Walk-Up Building Sells at a Discount, Setting Benchmark for New Rules

National Real Estate Investor, 2019-08

COPYRIGHT 2019 Penton Media, Inc., Penton Business Media, Inc. and their subsidiaries ;Copyright Penton Media, Inc., Penton Business Media, Inc. Aug 19, 2019 ;ISSN: 0027-9994

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  • Title:
    NYC Walk-Up Building Sells at a Discount, Setting Benchmark for New Rules
  • Subjects: Apartments ; Brokers ; Legislators ; Marketing ; Real estate ; Real estate sales ; Rent control ; Rents (Property) ; State regulation ; Zucker, Adam
  • Is Part Of: National Real Estate Investor, 2019-08
  • Description: (Bloomberg)—A small apartment building in Greenwich Village just changed hands, providing an early indicator of the values of rent-stabilized properties under new state rules. Sales of Manhattan apartment buildings with rent-stabilized units tumbled after June 14, when lawmakers passed measures severely restricting owners’ ability to raise rates on such properties, effectively putting cap on their market value. The capitalization rate, a measure of investment yield that rises as purchase prices decline, was 4.2%.
  • Publisher: Atlanta: Penton Media, Inc., Penton Business Media, Inc. and their subsidiaries
  • Language: English
  • Identifier: ISSN: 0027-9994
  • Source: ProQuest Central
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