Distressed NYC Affordable Landlords Need $1B Financing to Avoid Default
The incoming mayoral administration will need to fund a $1-billion financing program for affordable housing projects at risk of default to restructure debt, the New York Housing Conference (NYCH) said. The financing program is one of a series of policy reforms the conference recommends to address the “alarming” share of New York City affordable properties that are in financial distress.
Mayor-elect Zohran Mamdani campaigned on a vow to freeze rents for rent-regulated housing and offer property tax relief for owners to offset the freeze. “Freezing rent will help these tenants, with average incomes of $60,000, to better afford living in NYC,” according to NYHC. “However, a multi-year rent freeze will exacerbate financial difficulties for distressed affordable housing while undermining the city’s own affordable housing financing assumptions of 2% rent growth.”
In a new report, NYHC said more than half of NYC’s affordable buildings are likely experiencing operating deficits.
On December 4th, find out what’s really happening in today’s deal ecosystem at Connect Southeast Multifamily when the industry’s leaders unpack where capital is going, how underwriting is evolving, and what creative financing strategies are gaining traction in this shifting landscape. Register to be there at www.ConnectSEMF2025.com
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
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80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
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312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout