How smoking bans are affecting the resi market

Agents say smoking bans aren't a deterrent — and don't apply to vaping

New York /
Apr.April 27, 2019 12:00 PM

(Credit: iStock)

Last summer, all of the city’s multifamily properties were required by law to create smoking policies for their buildings. But added restrictions haven’t hindered sales in an already-slow market.

Buildings that have put in place smoke-free policies have either seen a boost in interest or no change, according to Forbes. The rules can be enforced once they’re added to a building’s property lease and bylaws. The report comes as New Yorkers have already adapted to restrictions under the Bloomberg administration, which banned smoking from bars in 2003.

At The Rio Condominium and Spa at 304 East 65th Street, interest has been high despite the smoke-free policy, said Becki Danchik, an agent at Warburg Realty.

“It’s quite amazing how many people follow this property for sales and rental vacancies,” Danchik said. “There is no shortage of interested buyers and long-term residents here.”

Listings websites like StreetEasy also allow prospective buyers and renters to search for buildings with smoking bans. The shift comes as smoking has been declining nationwide. The number of American adults who smoke fell to 15.5% in 2016 from about 21% in 2005, the report said. Mary Hall Mayer, also an agent at Warburg, said that societal change has made the bans less of an issue.

“Most people have either quit, have quit and are vaping—these policies don’t address vaping—or they never smoked to begin with,” she told Forbes.

Meanwhile, sales in Manhattan have slowed overall. The number of sales closed in the first quarter dipped 2.7% versus a year earlier while the median sales price fell 0.2%, according to Douglas Elliman. Among new development properties, sales volume tumbled more than 39%, as the median price ticked up nearly 3.5%. [Forbes] — Meenal Vamburkar


Related Articles

arrow_forward_ios
422 E. 84th Street (Google)
Uptown chiropractor, diamond dealer battle over $349K in rent on UES
Uptown chiropractor, diamond dealer battle over $349K in rent on UES
The property on 73rd Street formerly owned by Grace Kelly. (Getty, StreetEasy)
UES townhouse rumored to have been owned by Grace Kelly sells for $25M
UES townhouse rumored to have been owned by Grace Kelly sells for $25M
Firefighters battling a 11-alarm fire at a chemical plant in Passaic. (Photo by Tayfun Coskun/Anadolu Agency via Getty Images)
Bergen County residents told to close windows after fire at chlorine plant
Bergen County residents told to close windows after fire at chlorine plant
1428 N Genesee Drive and Freddie Krueger (Realtor, Wikimedia)
‘A Nightmare on Elm Street’ home sells for $3M
‘A Nightmare on Elm Street’ home sells for $3M
Discovery at West Road on 9404 West Road, Houston and Haven at Eldridge on 13115 Whittington Drive and McCann Realty Partners Matt Akin (Pegasus Residential, McCann Realty Partners)
McCann Realty Partners swings two Texas multifamily deals
McCann Realty Partners swings two Texas multifamily deals
(Illustration by The Real Deal)
More than 14K LI residents in mortgage delinquency
More than 14K LI residents in mortgage delinquency
9811 Copper Creek Drive, Austin with Tides Equities’ Sean Kia and Ryan Andrade (Tides Equities, Google Maps)
Tides Equities snags another Texas multifamily property
Tides Equities snags another Texas multifamily property
Liz Nunan, ceo, Houlihan Lawrence (Houlihan Lawrence, iStock)
Lower Hudson Valley notched home sale growth in 2021
Lower Hudson Valley notched home sale growth in 2021
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...