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There’s more vacancies because of the pandemic a NY POST covered it a few times recently but the most recent one said that most of the vacancies are in wealthier neighborhoods so price will still be high , those respective rents has dropped a little but are still high . Most vacancies are on the upper East side , . Parts of the village etc . Anything worthwhile in manhattan is close to none but it’s good to keep hope , I’m looking to relocate in some open apartments in my neighborhood ( upper westside between 86th and 110th ) .
A loss is a loss is a loss ..
My partner was one of nyc s biggest boys and I can tell you most big boy investors don’t want losses ..write offs are like spending a whole bunch of dollars to get back one
How big is his belly (not literally)
The really fat ones can survive long winters off their own stores and simply enter a ketogenic state.
Unless NYC rapidly slides into 70s conditions (along with the nation overall) they'll likely be able to weather 10 years of economic Winter, and buffer with some minor divestiture if needed.
Having deep pockets to endure is way different then stating they want these losses so they have a write off ...no investor wants to loose money intentionally so they can get a mere piece of the loss as a write off.
Not even one of the worst business men whose name I won’t mention but it rhymes with dump wanted those losses so he could write a fraction of it off
Landlords of stabilized apartments cannot raise rents and that is half the rentals in the city right off the bat .
The rest can only get what markets allow ..markets don’t care if you have a mortgage and the guy down the block does not ..markets don’t care about your major repairs ....
Unless you want to wait for someone willing to over pay you can give up more than you can get.
It happened to me when I first became a landlord ..I tried pushing the rent ...I ended up losing a months rent and had to roll it back any way ...as a new landlord my costs were high and I tried to make it profitable after the first year ..it back fired
Fair points for sure.
really? I could see that happening. Market is fickle and tenants can be too.
Speaking of landlords struggling with high rents that’s what another article said , a new luxury building in bushwick completely went into foreclosure after its occupants fled during the pandemic and they couldn’t find new tenants to pay the hefty prices
The big boys have fat pockets and can write empty units off as a tax loss. They can stay alive with 50% occupancy in one of their buildings because they have 5 more to hedge against.
This is why private landlords in NYC 5 boros will be a thing of the past.
Again with this? There is *NO* tax benefit to having empty retail, commercial or residential space. Only deductions or credits available apply to property regardless of occupancy, utilities, taxes, payroll (if any) etc....
Yes, in general landlords with larger holdings can spread out losses from vacant properties to lessen economic pain. But neither federal nor state government is giving them money to keep spaces empty. Hence you see deals being done by some landlords to get apartments rented.
Walked all over UES yesterday and saw several people moving into apartments, not out. These were usually smaller 5-6 floor older tenement buildings which are almost always some of the first to offer some sort of discount when times get rough.
Speaking of landlords struggling with high rents that’s what another article said , a new luxury building in bushwick completely went into foreclosure after its occupants fled during the pandemic and they couldn’t find new tenants to pay the hefty prices
Bushwick and Bed Stuy are having serious issues.
Neighborhoods which were in the process of gentrification will be hit the hardest as better neighborhoods become cheaper.
Speaking of landlords struggling with high rents that’s what another article said , a new luxury building in bushwick completely went into foreclosure after its occupants fled during the pandemic and they couldn’t find new tenants to pay the hefty prices
All that "luxury" or whatever housing built in suspect areas are a Ponzi scheme. Besides tax breaks they heavily depend upon higher income people willing to live in sketchy or suspect areas and pay higher rents to subsidize affordable/low income. Pandemic has upended what was already a heavy sell for many buildings.
Those transplants everyone hated either are fleeing NYC all together, or are finding apartments they can afford in better areas. In many cases people who would have had to bunk in with two or more roommates are finding apartments they can afford on their own.
Even a small studio in a five story walk-up tenement somewhere on Manhattan or downtown Brooklyn beats a new building (amenity filled or not) way out in east Brooklyn or Queens.
My sister is selling in Manhattan soon. Buy hers! I want them out asap.
Can't blame her, given the NYC mayor and the NY governor.
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