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NYC Sees Selling Spree of Multifamily, Mixed-Use Buildings
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Adams leads mayor s race — Bragg ahead for Manhattan DA — Buffalo, Rochester mayors may be ousted
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New federal guidelines on rent relief are out. This could complicate things for New York’s program.
The White House’s guidelines require that aid be offered directly to tenants in cases where the landlord refuses to cooperate. They also allow states to provide funds directly to tenants without first contacting their landlords.
Meanwhile, New York’s rules permit landlords or tenants to apply for funds, but landlords are not required to accept the funds. In those cases, other tenant protections kick in, but the funds are routed to another household and landlord. It is not yet clear if the federal rules will require state legislators to tweak their bill. Some landlords are concerned that the federal guidelines don’t explicitly state that tenants must use any relief they receive for rent arrears.
420 Stockholm Street in Bushwick with State Attorney General Letitia James (Google Maps, Getty)
New York City’s chief lawyer and the state’s attorney general have joined a nonprofit housing corporation’s fight over ownership of a multifamily building in Brooklyn.
RiseBoro Community Partnership is appealing a court decision that blocks it from taking ownership of 420 Stockholm Street in Bushwick, The City reported.
SunAmerica Housing Fund, a subsidiary of insurance giant AIG, invested in RiseBoro’s 29,000-square-foot affordable housing building through the federal Low Income Housing Tax Credit program in 1999. SunAmerica received a tax break for its investment, which helped fund RiseBoro’s renovation of the property.
The Watson Hotel at 440 West 57th Street (Google Maps)
New York legislators are still figuring out what a comprehensive commercial-to-residential program could look like in the city, but developers are already looking for opportunities.
Metroloft Management, which has previously undertaken office-to-residential conversions, has found two “perfect targets” for market-rate rentals in Lower Manhattan, managing principal Nathan Berman told the New York Times. A deal to purchase those Class B buildings, which Berman declined to identify, is underway.
“Covid has expedited the ultimate repurposing,” he said.
Hotels are also an attractive target, according to Eric Anton, an agent with Marcus and Millichap. He represents seven New York City hotels, three of which will likely convert to senior housing and one to market-rate apartments, according to the report.
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