Q&A
Impact of the 3rd party transfer program on NYAA members
2:58:25
·
43 sec
Council Member Sanchez inquires about the potential impact of the 3rd party transfer program on NYAA members, particularly regarding the 500 worst properties in New York City. Adam Roberts discusses the challenges faced by smaller property owners and the broader implications for the real estate industry.
- Roberts highlights the financial difficulties faced by smaller property owners
- He mentions that larger owners might be the ones to whom properties are transferred
- The discussion emphasizes the desire to ensure all property owners can manage their buildings without city seizure
Pierina Ana Sanchez
2:58:25
And do you have members that would understanding that methodology is a bit complex to to sort of administer as a late person, but it is is it your position that you would have a lot of members that are caught up in being one of the 500 worst properties in the city of New York?
2:58:41
In terms of physical distress?
Adam Roberts
2:58:44
I I think certainly for a lot of smaller owners.
2:58:47
Nowadays, it's just financially impossible to to manage these buildings.
2:58:52
So it could be many of them fall under here.
2:58:55
I'd say our larger owners are actually probably the ones where these are being transferred to.
2:59:00
But, you know, we want to make sure that everyone no matter their size is able to run a building and not have it seized by the city.
Pierina Ana Sanchez
2:59:07
Okay.
2:59:07
Thank you, Adam.
