Handling multi-family sales in a down market in NYC with Seth Glasser

In this episode of the Data to Deals Podcast, host Geordie Wardman interviews Seth Glasser, a multifamily broker at Marcus & Millichap in New York City, on thriving in a down market. Glasser recounts starting his career in 2009 during economic turmoil, highlighting how distress drives transactions, with his team selling 87-90 buildings annually at an average of $8 million each. Key data includes a 75% price drop for rent-stabilized buildings since 2017, cap rates at 9-10% (highest in the U.S.), and inequities like high taxes on stabilized properties ($100K on $5M value) versus free-market ones ($10K).

The discussion critiques the 2019 Housing Stability and Tenant Protection Act (HSTPA), signed by Andrew Cuomo, for devaluing assets and causing 50,000 vacant rent-stabilized apartments due to low legal rents ($900) and high renovation costs ($50-100K). A-ha moments reveal politicians' bias against real estate worsening homelessness, while brokerage benefits from independence, AI tools, and overseas support for efficiency. Glasser proposes a "Rental Housing Peace Plan" with vacancy resets like California, taxed tenant buyouts funding Legal Aid, and increased supply to boost jobs and revenue.

Key Takeaways:

• Distressed markets create brokerage opportunities through forced sales, turning challenges into deals.
• HSTPA has led to massive vacancies and devaluation; reforms like buyouts and resets could unlock units without harming tenants.
• Aspiring brokers should enter during downturns, learn on salary, seek mentors with stable track records, and leverage personality-driven approaches for success.

About Seth Glasser
Seth is a powerhouse in NYC's multifamily real estate scene, serving as Senior Managing Director at Marcus & Millichap. Kicking off his career right in the heart of the 2009 recession (found his gig on Craigslist, no less), Seth has built a top-performing team that closes dozens of deals a year in the mid-market space. He's all about doubling down in tough times and even co-hosts the New York City Multifamily Podcast to share market wisdom. Super active on LinkedIn too.

Recommended URLs:
Seth Glasser LinkedIn: https://www.linkedin.com/in/seth-glasser
Marcus & Millichap homepage: https://www.marcusmillichap.com/
New York City Multifamily Podcast: https://newyorkmultifamily.com/
Rental Housing Peace Plan: https://newyorkmultifamily.com/memo-a-rental-housing-peace-plan-for-nyc
The Legal Aid Society: https://legalaidnyc.org/
Housing Stability and Tenant Protection Act (HSTPA): https://hcr.ny.gov/housing-stability-and-tenant-protection-act-2019
421-a Tax Abatement: https://www.nyc.gov/site/hpd/services-and-information/tax-incentives-421-a.page