Apartment landlords are struggling in New York.
Michael P. Feldman, CEO of Choice New York Cos., says that rent for New York apartments in the city's prime areas is off 20% to 30%. In some cases, landlords are giving as much as six months off on a 24-month lease.
Things could turn even worse by the holiday season. By November, Feldman expects to be giving four to five months free rent on a one-year lease.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
