Major rent increases approved in NYC

Welcome to traded’s weekly newsletter where we give you the top New York CRE news and deals to start your morning ahead of the curve, in 5 minutes or less ☀️☕💰

What We’re Serving Up Today

• New rent increase approved by Rent Guidelines Board

• The race for the last NYC gambling license has intensified

• 24% of rent revenue is being lost to concessions in this sector

• CRE transaction volume nose dives nationally

The DIRT 📈

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What You Need to Know 🗞️

1. Your Ownership May Go Public: The LLC Transparency Act aims to uncover hidden beneficial landlords, but it’s threatening the privacy of owners and investors.

2. NYC Rent Increase Approved: The Rent Guidelines Board has approved a 3% rent increase for rent-stabilized apartments, assisting on rising costs for landlords.

3. Casino Battle Heats Up: In a last-minute move, Silverstein Properties joins the bid for one of the three downstate gambling licenses in NYC, alongside Caesars, SL Green, and even Jay-Z.

4. Office Concessions Skyrocket: Manhattan's office landlords are losing up to 24% of their rent revenue to concessions, surpassing pre-pandemic levels.

5. Major Drop in Transactions: CRE has witnessed a dramatic decline nationally, with transaction volume over $5M plummeting by 70% YoY.

6. Grim Outlook for Office: It’s facing a projected 35% plunge in values by 2025. Experts with recovery unlikely before 2040 experts say.

Closing Time 💰️

This Past Week in NYC: 48 deals closed over $2M… 24 deals over $4M… 14 deals over $8M… 8 deals over $20M… 3 deals of $60M… OVER $600M in closed transactions… Get to work 💥 

Trending from last week

One More Thing…

OVER AND OUT!

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HAPPY TRADING! …we’ll be back next Tuesday 😈

Answer: It sold for $34,500,000 – great work Ari Shalam!