The Market for Buying and Selling Rent Stabilized Buildings in New York City
Are you a property owner that wants to sell their condo, investment property or needs to rent an apartment or retail space in New York City? Call or text me: Sam Moritz, licensed real estate agent, 203–209–3640.
Do you know a property owner that might need real estate help? Refer me! I provide great and professional real estate services across all five boroughs.
I also feature off-market deals on my website. Interested in an off-market deal listed or want me to circulate an off-market deal for you? I have a network of investors looking to purchase at all times. Contact me.
Recently, an owner in Bushwick asked me how much I thought he could get for his six family, fully occupied, rent stabilized building in Bushwick.
These types of buildings have very limited upside, because of a set of controversial rent stabilization laws that were passed in 2019. Since the passing of this new set of legislation, investors can never deregulate their rent stabilized apartments and bring the rents to market price, even if a tenant moves out, and no matter how much renovation is needed or completed. Renovations could be tens of thousands of dollars — tenants may have lived in their apartments for generations, but because of the laws, the rents will still be stuck close to the original rent stabilized amount.
There’s still a market to sell and buy these types of buildings, but price is everything. Before 2019, in Bushwick, a fully occupied rent stabilized building might sell for around 1.1 million, because there was upside – investors could renovate the apartments and get them to market rate if a tenant left. But now, since the law change, these buildings are worth much less. in 2021, on Wyckoff avenue in Bushwick, a six family rent stabilized building sold for $800,000. According to government records, another fully rent stabilized building, also on Wyckoff avenue, where the rents were very low, just sold for $650,000.
There’s an investor for any type of deal, and there are people out there looking to buy these types of buildings. I am in touch with investors who want to buy these types of properties all across the city, and who provide very good service to their tenants.
If you’re looking to sell or buy a rent-stabilized, or a free market asset, feel free to reach out.
Are you a property owner that wants to sell their condo, investment property or needs to rent an apartment or retail space in New York City? Call or text me: Sam Moritz, licensed real estate agent, 203–209–3640.
Do you know a property owner that might need real estate help? Refer me! I provide great and professional real estate services across all five boroughs.