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Rent freeze vote likely to push stabilized values lower
The evening New York’s Rent Guidelines Board voted to freeze rents in rent-stabilized apartments, Michael Weiser believed he was about to pull in a deal. Weiser, president of GFI Realty Services, was marketing a rent-stabilized portfolio in Upper Manhattan. The owner had already walked away and the lender on the mortgage was involved in the sale. The bank was ready to accept an offer in the mid-$5 million range. The night of the vote, Weiser checked with a potential buyer, who said they were still on board. However, the following morning the buyer reduced their offer by several hundred thousand […]
The evening New York’s Rent Guidelines Board voted to freeze rents in rent-stabilized apartments, Michael Weiser believed he was about to pull in a deal. Weiser, president of GFI Realty Services, was marketing a rent-stabilized portfolio in Upper Manhattan. The owner had already walked away and the lender on the mortgage was involved in the sale. The bank was ready to accept an offer in the mid-$5 million range. The night of the vote, Weiser checked with a potential buyer, who said they were still on board. However, the following morning the buyer reduced their offer by several hundred thousand […]
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