New York City's 2019 rent-control law, which capped annual rent increases on rent-stabilized apartments, may be here to stay—but the list of owners who are bailing out on these multifamily properties due to the untenable cost of maintaining them keeps growing.
This week, Maltz Auctions is auctioning more than 20 apartment buildings in the rent-stabilized portfolio of Food First, a Brooklyn-based nonprofit that provides community services including food pantries and vocational training.
The properties are listed on Islip, Long Island-based Maltz' website as "non-profit dispositions." The largest asset for sale is a 17-building, 51-unit portfolio at 575-595 Grand Avenue and 399-413 St. Marks Avenue in Prospect Heights, according to Maltz' website.
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