Related keeps offloading rent-stabilized properties at steep losses [Yahoo! Finance]
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Source: Yahoo! Finance
It's a deep cut — and a growing trend for this asset class. The Bronx buildings are 100 percent rent-stabilized, according to tax records, meaning there is no shot at raising revenue beyond the inflation-lagging adjustments set by the rent guidelines board each year. A recent comp sold for just 3 percent of the price it originally traded at. Both of these original deals were inked before the 2019 rent law was enacted, which put a de facto cap on rents and decimated values across the asset class. More noteworthy: The latest Related deal signals a growing trend for a firm that recently took on a multi-billion dollar portfolio of rent-regulated debt — and it gives some credence to the frustrations smaller rent-regulated landlords have been airing about the 2019 legislation. A Related Fund Management spokesperson did not immediately respond to a request for comment. The Related Companies and its affiliated entities have been quietly shedding rent-stabilized buildings in pieceme
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