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.

Infrastructure Transport

16 Sep 2025

Metro Line 2B Phase 1 to Boost Realty in Mumbai’s Eastern Suburbs

Mumbai’s real estate sector is set for a major boost as Phase 1 of Metro Line 2B, between Mandale and Diamond Garden, nears completion. The Mumbai Metropolitan Region Development Authority (MMRDA) has confirmed that mandatory rectifications are done, and inspections by the Commissioner of Metro Railway Safety (CMRS) have been carried out. The 5.39-km stretch with five stations forms part of the larger DN Nagar–Mandale corridor, designed to ease congestion and improve east–west connectivity. Passenger operations are expected by December 2025, with the full line slated for 2027. ..

WattPower wins Best Inverter award at Global Solar Expo 2025

WattPower, a leading renewable energy solutions provider, has won the award for “Best Inverter in the Utility Segment” at the Global Solar Expo 2025. The recognition underscores the company’s commitment to delivering reliable, high-performance and future-ready solar solutions for large-scale projects. At the forefront of utility-scale solar, WattPower manufactures advanced string inverters that directly feed power into the Indian grid. With robust technology, high-quality components and comprehensive product lifecycle support, its solutions stand among the most sophisticated in the ..

Awfis delivers 67,000 sq. ft. innovation hub for eBay in Bengaluru

Awfis Space Solutions, India’s largest flexible workspace provider and the first publicly listed workspace solutions platform, has partnered with eBay to establish a 67,000 sq. ft. innovation hub at Embassy Tech Village, Bengaluru. The mandate covers design, build and management of the new office, which will act as a strategic hub supporting diverse functions and accelerating eBay’s AI-first commerce strategy. The centre will focus on artificial intelligence, engineering, product development and applied research, strengthening eBay’s growth in India. Embassy Tech Village, North Beng..