Bids for $260 Million Harlem Apartment Ensemble Disappear Overnight Thanks to New NY Legislation
21st July 2019
About 12 investors made offers on a collection of rent stabilized Harlem apartment buildings that listed in April for $260 million, according to Bloomberg. But then, the NY legislature re-wrote the rules of stabilized rents, which capped property values and slashed the potential for increases in rent overnight.
The bids for the 28 building “Harlem Ensemble” apartments that were on the sale block instantly disappeared.
David Chase, partner at B6 Real Estate Advisors said: “They called us every day — and then we couldn’t reach them.”