"The sale of this Brooklyn Heights jewel for a 6.2% cap shows that there is hope amongst the NYC investment community that the legislature will one day realize that the best way out of a housing crisis is building more units, not regulating them," said Thomas Gammino, executive managing director at Lee & Associates NYC.
"After the passage of the Housing Stability and Tenant Protection Act in 2019, some investors have noticed difficulty in finding buyers interested in fully rent-stabilized buildings," according to a press release.
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