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NYC Bank Executive Disputes Loss of value on Multi-Family Buildings Due to Rent Reform; sees No Changes in Lending for Company
Despite recent news that banks such as Signature Bank will "rein in" loans in the mult-family sector, New York Community Bank (NYCB) CEO and President Joseph Ficalora doesn't seem much change in value in the sector. Many believe that the rent reform laws has adversely...
Brooklyn Market Report for Sales in Fourth Quarter in Brooklyn Shows Inventory Up yet Transactions Down
The Corcoran Group recently released their Fourth Quarter Market Report for Brooklyn. The report indicates that although there has been more inventory available in the borough, transactions are down 10 year over year for the period. On the neighborhood front, the area...
Smaller NYC Landlords Are Looking to Sell Due to Rent Reform Laws and Rezoning
A new article from the Commercial Observer is shedding light on the ramifications of the rent reform laws on smaller landlords. The loss of significant equity due to rezoning is making smaller landlords want to leave the market as the changes have wreaked havoc on...
New York City Renters Paid More Rent Than any Other City’s Renters During the last Decade
New York City leads the way in most rent paid in 2019 Zillow is reporting that US renters paid more than $4.5 trillion in rent during the period between 2010-2019 according to a new report. In 2019 alone renters paid $512 billion in rents throughout the country. The...
Northeast Pending Home Sales Decreases but Increase Nationwide
The National Association of Realtors (NAR) released their pending home sales report for November. What it shows is that pending home sales rebounded from the decrease in October. Regionally, home sales were divided as our area showed pending home sales down 0.1%....
November Multifamily Sales Significantly Down As Brooklyn Shows Only positive Signs Per PropertyShark
PropertyShark is continuing to analyze the multifamily sector in New York City and what they have seen is that multifamily sales volume is significantly down in what they deem an ongoing slowdown. The report analyzed sales in Manhattan, Brooklyn, the Bronx and Queens...
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