New York City's 2019 rent-control law, which capped annual rent increases on rent-stabilized apartments, may be here to stay—but the list of owners who are bailing out on these multifamily properties due to the untenable cost of maintaining them keeps growing.
This week, Maltz Auctions is auctioning more than 20 apartment buildings in the rent-stabilized portfolio of Food First, a Brooklyn-based nonprofit that provides community services including food pantries and vocational training.
The properties are listed on Islip, Long Island-based Maltz' website as "non-profit dispositions." The largest asset for sale is a 17-building, 51-unit portfolio at 575-595 Grand Avenue and 399-413 St. Marks Avenue in Prospect Heights, according to Maltz' website.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
