T
he Rent Guidelines Board's recent decision to approve a 3% rent increase for one-year leases and 4.5% for two-year leases in rent-stabilized units has sparked controversy, with both landlord and tenant representatives expressing dissatisfaction. The board's vote highlights the delicate balance it must strike between ensuring affordability for tenants and maintaining the financial health of rent-stabilized buildings.

    Meanwhile, Community Preservation Corp is grappling with a $5.8 billion portfolio of troubled Signature Bank debt tied to rent-stabilized buildings. Over 70% of the loans show signs of financial distress, and nearly 40% are linked to physical property issues. To address this, CPC plans to offer loan modifications, such as maturity extensions and principal forgiveness, to restore cash flow and improve building conditions.

    In a separate development, Manhattan's office market has taken a hit in the second quarter, with leasing volume plummeting by 18.9% to 9.2 million square feet. Despite this decline, the first half of 2025 saw the strongest office leasing activity since 2014, with 20.7 million square feet leased.

    Finally, real estate attorney Mark Nussbaum is facing financial woes, with his law firm filing a petition for an Assignment for the Benefit of Creditors (ABC) in New York Supreme Court to address tens of millions of dollars in creditor claims.