Shaun Riney and Seth Glasser sit down with Max Herzog and Jake Kahn from Marcus &amp; Millichap Capital Corporation, and David Tobin and Spencer Kirsch from Mission Capital Advisors at Marcus &amp; Millichap, for a timely discussion on the state of the NYC multifamily debt market, fresh off the announcement of a historic two-year rent freeze. The group breaks down what it means for rent-stabilized property values, lender underwriting, note sales, refinances, and distressed assets across New York City. They discuss how buyers are underwriting rent-regulated buildings today, why financing has become more selective, how lenders are approaching maturing loans, and where note buyers are finding opportunities in the market. The conversation also highlights the growing need for collaboration between sales brokers, debt advisors, note-sale teams, lenders, and borrowers. As values, loan balances, and operating realities continue to shift, transparency and coordinated execution are becoming essential to achieving successful outcomes. If you are a lender, borrower or buyer in this rent regulated space – you will want to listen in… Get the latest updates on Instagram: https://www.instagram.com/newyorkmultifamily https://www.newyorkmultifamily.com Reach out to us at: seth.glasser@marcusmillichap.com

Episode 69: Rent Freeze Fallout: NYC Apartment Distress and Your One Stop Shop for Solutions

New York City Multifamily Podcast

Thank you for tuning in to the New York City Multifamily Podcast. If you're a fan of the show, please support us by rating it on Spotify or Apple Podcasts and sharing it with your friends. Enjoy the episode. We're here in our bunker for the 2026 Fallout Shelter. I've got with me five of my esteemed colleagues from Mission Capital Advisors and MMCC, Marcus and Millichap Capital Corp.

We've been sitting in the same office for many years now and up until recently we've been working in our own respective silos until necessary. But given where events are unfolding and how the environment is shaping up here in New York over the past couple of years, we found ourselves talking to each other more, collaborating more, and really advising clients in a group together, the three of us all under one roof at the same company in the same office.

So it's been nice over the past few years, not only to get to know you guys a little bit better, but start to collaborate and work more together. And that was really the main impetus to put this thing on here for the marketplace, borrowers, buyers, and certainly lenders together. I'll give everyone a little background. The origin of how we started really working together started a few years ago when Shaun and I were trying to sell these rent-stabilized buildings, and the rates were rising, values were falling, and all the sellers would say,

well, I can't sell at that price because you need to get my lender to take a discounted payoff. And the lenders were trying to sell the notes, but they didn't want to sell the notes at the valuations they were getting.

Episode 69: Rent Freeze Fallout: NYC Apartment Distress and Your One Stop Shop for Solutions

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Episode 69: Rent Freeze Fallout: NYC Apartment Distress and Your One Stop Shop for Solutions

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.