Furman: Foreclosures on Apt Buildings Rise
Crain’s takes a look at a new report from NYU’s Furman Center that says foreclosure notices on multifamily rental buildings in the city are at the highest level on record since the early ’90s. The problem is particularly pronounced in Brooklyn, says Ingrid Ellen, faculty co-director of Furman, since the borough has the most small…
Crain’s takes a look at a new report from NYU’s Furman Center that says foreclosure notices on multifamily rental buildings in the city are at the highest level on record since the early ’90s. The problem is particularly pronounced in Brooklyn, says Ingrid Ellen, faculty co-director of Furman, since the borough has the most small multifamily rental properties (5-19 units), and there have been a total of 1,470 foreclosure notices on such properties in the past five years. Meanwhile, just last year, “373 multifamily rental foreclosures were initiated in Brooklyn, and Bedford-Stuyvesant made up 18% of those notices, the highest percentage in the borough.”
Foreclosure Crisis Shifts to Multifamily Buildings [Crain’s]
Photo of a mutlifamily building scheduled for auction from PropertyShark.
“The cost of maintaining a building has gone up a great deal in the past 5 years.”
This is often totally forgotten in the demand for lower rents. The cost of fuel oil alone has risen ridiculously in the last couple of years. Not to mention taxes, ConEd, and everything else. Most small landlords are barely breaking even. No one is getting rich.
Foreclosure is bad for everyone, landlords, tenants, neighbors, and neighborhoods
That’s a sweet little number.
A Brooklyn palazzo, for the masses.
The architect, unheralded, no doubt, knew just where to concentrate his energy: At the building’s base where the brick work imitates rusticated stone; and at the top, where an outsized cornice ties together not just the building, but the entire street corner.
The occupants of this place where probably ordinary working people, middle-class at best. But they were accorded dignity. By the tenement they called home.
i number of friends of mine are snapping these up in bed-stuy great prices, stable tenants put some money in and hold on new landlords can sometimes be a boon
Don’t bother with new construction. Get a multi-family with rental income! Don’t worry, being a landlord is easy!
rob – the rents will remain the same. however, the condition of the building will deteriorate.
The cost of maintaining a building has gone up a great deal in the past 5 years.
this is a good thing for keeping rents down right? or does it have the opposite effect?
*rob*