The measure, known as Proposition ULA, boosts the one-time transfer tax to 4 percent for property deals between $5 million and $10 million, and 5.5 percent for transactions of $10 million and above. The current rate on all sales is 0.45 percent.
The firm is exploring acquisitions of Manhattan office buildings that are facing growing vacancies or debt burdens. The effort could potentially expand to other areas of the US, such as Washington, D.C., Boston and the West Coast.
Developers are still building plenty of units in New York City, but the rental market remains tight with thousands of rent stabilized units held off the market.
As interest rates continue to rise and economic forecasts remain murky, what are commercial real estate investors doing to raise capital and reach their desired returns?
Even as rent growth slows down compared to earlier in the year, many markets are still seeing strong numbers.
Voters in the midterms in a handful of states enacted new rent stabilization measures. What does that mean for multifamily investors?