Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws

Warehousing rent-regulated units, creating “Frankenstein” apartments and more in rent law news this week

New York /
Aug.August 29, 2019 09:45 AM

As the real estate industry grapples with the new rent law, New York landlords have looked for ways to deal with the changes.

This week, sources told The Real Deal that Blackstone Group is “warehousing” as many as 50 apartments in Stuyvesant Town and Peter Cooper Village. That news comes just a month after the firm said it was halting renovations in the 11,000-unit complex as a result of the changes to the rent law. Also this week, a judge dismissed an overcharge case that could have opened the floodgates for similar cases after the lookback period was extended from four to six years. And other landlords are finding novel ways to operate under the new framework.

Check out the video above to hear senior reporter Kathryn Brenzel and reporter Georgia Kromrei discuss the above and more.


Related Articles

arrow_forward_ios
Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

New NYC rent law “beginning to shut down investment”
Some landlords say they plan to close the door to vacant apartments and wait for the laws to change (Credit: iStock)

Creative ways NYC landlords are getting around the new rent rules

Creative ways NYC landlords are getting around the new rent rules
Charles Kushner and 18 Sidney Place (18 Sidney Place via StreetEasy)

Tenants get class-action status against Kushner in Brooklyn rent case

Tenants get class-action status against Kushner in Brooklyn rent case
A new report argues that distress and declining values in rental properties is an opportunity for decommodification of multifamily buildings. (iStock; Chart via Furman Center)

Tenant group sees opportunity in multifamily foreclosures: report

Tenant group sees opportunity in multifamily foreclosures: report
Falling prices and concessions are bringing Manhattan and Brooklyn renters back (iStock)

New leases in Manhattan and Brooklyn surge: Elliman

New leases in Manhattan and Brooklyn surge: Elliman
From left: State senator Jabari Brisport and State Assembly members Jennifer González-Rojas and Phara Souffrant,  (Photos via Victory Fund; Facebook; Pharaforassembly)

New York’s own “squad” heads to Albany

New York’s own “squad” heads to Albany
(Getty, iStock)

NYC rents and inventory dipped in October

NYC rents and inventory dipped in October
arrow_forward_ios

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

Loading...