NY City Council Passes Bill Giving Nonprofits First Dibs on Distressed Apartment Properties
The New York City Council on Thursday passed the Community Option to Purchase Act (COPA), which gives nonprofit groups a 90-day window to potentially acquire distressed apartment buildings after they’re put up for sale. The measure now goes to Mayor Zohran Mamdani, who has signaled his approval in recent months.
An earlier version of the bill was vetoed by then-Mayor Eric Adams last year. Industry groups including the Real Estate Board of New York were opposed to the previous version, which covered more than 10,000 apartment buildings. The bill as enacted Thursday covers an estimated 2,100, according to the city’s Department of Housing Preservation and Development.
“REBNY appreciates the constructive engagement and thoughtful leadership of Speaker [Julie] Menin and Council Member [Sandy] Nurse, which has resulted in a more targeted and practical bill,” REBNY President James Whelan told the New York Post. Nurse introduced a revised COPA earlier this year.
Other News
Brighton Multifamily Draws Record Pool of Potential Buyers
Marcus & Millichap closed the sale of 15 Euston Rd., a 24-unit multifamily property in Boston’s Brighton neighborhood. The asset sold for $8,875,000. “Brighton is one of the lowest transactional submarkets in the country for apartment buildings, so it was no surprise that a record number of groups toured this asset,” said Evan Griffith, senior...
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Hamilton Zanze Announces Sale of Virginia Multifamily Community
Hamilton Zanze announced the sale of Indigo 19, a 196-unit apartment community in Virginia Beach, Virginia. Hamilton Zanze sponsored the acquisition of the property in January 2020. “Limited new supply and rent growth have supported the Virginia Beach apartment market, creating a favorable environment for multifamily investment,” said Anthony Ly, senior director of transactions at...
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Vancouver’s Housing Paradox: More Density May Be Worth Less To Developers
Metro Vancouver has spent years encouraging developers to build taller buildings and more homes. Now, some of the region’s most ambitious residential projects may be worth more if they are scaled back. The economics have shifted so dramatically that some highrise sites could fetch more if redesigned for townhouses or lowrise apartments, according to Kirk...
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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
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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