19-49 Troutman Street is a rare opportunity to acquire a 12,586-square-foot multi-story building with M1-1 zoning situated at a high-visibility corner in Ridgewood, an area experiencing rapid growth driven by a burgeoning nightlife and music venue scene.

In this episode of Coffee & Cap Rates, Shimon Shkury sits down with Kenny Burgos, CEO of NYAA, to discuss the current state of New York City’s multifamily housing market and the growing challenges facing the rent-stabilized sector.

In late March, the Pinnacle Group’s portfolio of 5,100 rent-stabilized apartments sold out of Chapter 11 bankruptcy for $451.3 million. The buyer paid a fraction of what those buildings were worth a decade ago. The seller had seen the math become impossible: operating costs up 40% since Albany’s 2019 rent law overhaul, rents allowed to rise just 1-3% per year creating a 24-point gap with no escape valve in addition to crippling collection losses and elevated interest rates.