Why NYC’s Aging Apartment Buildings Aren’t Getting Fixed

This week on Deconstruct, The Real Deal columnist Erik Engquist joins Hannah Kramer and Lilah Burke to explain why renovating New York City’s aging apartment buildings has become increasingly difficult.

Engquist breaks down the complicated web of rules surrounding substantial rehabilitation, rent stabilization, good cause eviction and demolition — and why he argues that current housing policy can leave owners with little incentive to undertake major renovations. What happens when aging buildings need substantial investment, but the economics of fixing them no longer pencil out?

Plus, Hannah and Lilah dig into one of Miami’s biggest potential real estate deals: Citadel founder Ken Griffin is rumored to be pursuing Moishe Mana’s roughly 30-acre Wynwood portfolio for between $700 million and $1 billion, potentially setting the stage for a massive tech and AI campus.

Also this week: Charles Cohen plots a South Florida comeback, Hackman Capital loses the $160 million Sony campus in Culver City, and the hosts look back at the real estate industry’s stories from September 11.