NYC Apartment Sales Plunge Amid Rent Control Laws

09 Feb 2024 CW Team

New York City's real estate market is experiencing a dramatic shift, particularly in the realm of rent-stabilized apartments.

Last year, these apartments sold for an average of $203,000 per unit, a 34% decrease since 2019. This decline is largely attributed to stringent rent control laws implemented in 2019, which significantly limited landlords' ability to raise rents post-renovations and kept apartments in the rent regulation program indefinitely.

These changes have led to a substantial reduction in the value of rent-stabilized units, estimated at up to $75 billion. The impact is profound: landlords like Douglas Peterson, who invested heavily in such properties, are now facing financial distress, with some even falling behind on mortgages.

The situation has escalated to the point where the Federal Deposit Insurance Corp. sold $15 billion in loans backed by these apartments at a 40% discount. This trend reflects a broader debate over affordable housing and the balance between tenant rights and property owners' interests.

Real Estate

02 Jun 2026

Dash Square Adds Ashley Study Furniture

Dash Square has expanded its furniture portfolio with a curated study furniture collection from Ashley Furniture Homestore. The range is designed for contemporary homes where work, study and creative activities increasingly require dedicated and well-planned spaces.The collection includes writing desks, executive workstations, storage-led study units and display shelving. It combines practicality, comfort and design to create workspaces that are functional as well as visually appealing.One setting features a light-toned desk with coordinated bookcases and storage cabinets, creating a bright an..

Suraj Estate Arm Acquires Mahim Land Rights

Suraj Estate Developers, through its wholly owned subsidiary Iconic Property Developers, has signed an MoU to acquire development rights for a land parcel in Mahim (West), Mumbai, for Rs 75 crore. The plot measures around 2,941 sq m and is located next to the company’s ongoing commercial project, Suraj One Business Bay.After amalgamation with the existing commercial development, the land is expected to generate additional saleable carpet area of around 1.50 lakh sq ft, with an estimated gross development value of Rs 800 crore. The project is expected to strengthen the company’s near-to-med..

AGNI Launches Industry Benchmarking Drive

The Association of Global NICMARians (AGNI), the alumni body of NICMAR, hosted ASPIRE 2026 in Mumbai under the theme ‘Innovation to Transformation’. The symposium brought together professionals from construction, infrastructure, real estate and project management to discuss technology, AI, sustainability and data-led decision-making.At the event, AGNI announced its vision to emerge as an industry think tank and launched initiatives including an Industry Benchmarking Programme. It also proposed a digital ecosystem with tools for innovation impact assessment, salary benchmarking, company ben..