As stated by an article in The Real Deal, the sale of 120 and 125 Riverside Drive by Bentall Green Oak (BGO) at a 64% discount has sent shockwaves through the New York City real estate market. The two rent-stabilized buildings were sold for $110 million, far below the $305 million that BGO paid for them in 2015.

The sale is a sign of the growing challenges facing rent-stabilized landlords in New York City. Rent stabilization laws limit the amount that landlords can raise rents on apartments, making it difficult for them to keep up with rising expenses. In addition, the city's recent rent laws have made it even more difficult for landlords to raise rents.

The sale of 120 and 125 Riverside Drive is a cautionary tale for investors who are considering buying rent-stabilized buildings in New York City. The sale shows that even in a strong real estate market, rent-stabilized buildings can be risky investments.

The sale is also a victory for tenant advocates who have been fighting to preserve rent stabilization laws. The sale shows that rent stabilization laws can help to keep rents affordable for tenants.

The sale of 120 and 125 Riverside Drive is a significant event in the New York City real estate market. The sale is a sign of the challenges facing rent-stabilized landlords and the importance of rent-stabilization laws for tenants.

The Future of Rent Stabilization in New York City

The sale of 120 and 125 Riverside Drive raises questions about the future of rent stabilization in New York City. The city's rent laws are set to expire in 2024, and it is unclear whether they will be renewed.

If the rent laws are not renewed, it could lead to a significant increase in rents in New York City. This would make it even more difficult for people to afford to live in the city.

The future of rent stabilization in New York City is uncertain. However, the sale of 120 and 125 Riverside Drive is a reminder of the importance of rent stabilization laws for tenants.

Suzannah, C. https://therealdeal.com/new-york/2024/02/07/rent-stabilized-nyc-buildings-sell-at-major-discount/