Shown (from left) are: Seth Pinsky, president, New York City Economic Development Corp.;New York, NY On March 8th over 500 members of the Real Estate Board of New York (REBNY) turned out for the Members’ Luncheon at the New York Hilton. The packed room hushed to hear moderator, Charles Bagli of the New York Times and panelists, Seth Pinsky of New York City Economic Development Corp., Kenneth Adams of Empire State Development Corp., and Patrick Foye of the Port Authority of New York and New Jersey discuss major issues affecting the commercial real estate market.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,