Erik Engquist's profile photo

Erik Engquist

New York

Senior Managing Editor at The Real Deal

Senior managing editor/The Real Deal. Previously at Crain's New York Business, 2005-19. Journalist since 1991.

Articles

  • 3 weeks ago | therealdeal.com | Erik Engquist

    An odd contradiction: Council members forecast as much revenue as possible yet discourage the real estate deals that produce it. The Invisible Engine is a sadly apt name for REBNY’s annual report on real estate tax revenue. The money is indeed invisible to elected officials because, to them, it materializes out of thin air. The Real Estate Board of New York has been issuing this report for years, yet politicians don’t see real estate taxes as a credit to the industry.

  • 3 weeks ago | therealdeal.com | Erik Engquist

    What’s worse: potentially deadly housing or death itself? The answer is eight paragraphs away, but don’t skip ahead. Our subject today is the Department of Buildings’ most recent monthly enforcement report, which features the usual rundown of fines given to property owners for unlawfully adding dwellings. The point of these fines is to ensure that people don’t die, especially if a fire erupts.

  • 3 weeks ago | therealdeal.com | Erik Engquist

    Strike one for The Alexander came in 2017. A real estate agent forgot to close a balcony door at the Upper East Side condominium, causing a pipe to freeze and burst. Twenty units flooded. Strike two came in 2022 when another pipe burst. Only 13 units were affected, but repairs cost about $3.5 million. When the insurance renewal came, the condo board learned you don’t get three strikes. “They jacked up our rates from $150,000 a year to $850,000 a year,” said Neal Davis, the board president.

  • 3 weeks ago | therealdeal.com | Erik Engquist

    There are two kinds of people in this world: those with loaded guns and those who dig. The rent-stabilized version of that classic movie quote ends this way: those who believe the real estate market can work and those who don’t. The latter group prefers heavy regulation. When it doesn’t succeed, they blame landlords or regulators — but never second-guess the choice to rely on rules instead of markets. Take the case of 2500 Bedford Avenue in Brooklyn.

  • 4 weeks ago | therealdeal.com | Erik Engquist

    It took six years, but the real estate industry finally got a chance to grill Andrew Cuomo about the 2019 law that crushed rent-stabilized building owners. The opportunity came in a meeting with the Real Estate Board of New York that was private, but Cuomo’s spokesperson later issued a public statement about it. Warning: It might make your head explode.

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Erik Engquist
Erik Engquist @erik_engquist
9 Apr 25

This effort by the NYC hotel industry to lower the tax to offset the loss of tourism caused by Trump is just incredibly hopeless. “Trump screwed us, so we’re going to give up some tax revenue in response” said no Democrat ever.

Erik Engquist
Erik Engquist @erik_engquist
1 Apr 25

The one bit of good news about property insurance these days is automated detection of leaks and other problems. Why every building doesn't have this yet is beyond me. https://t.co/qEa3TxQC3Q

Erik Engquist
Erik Engquist @erik_engquist
31 Mar 25

RT @not_your_LL: I caught this in today's NYAA Update: @erik_engquist with a great, honest take down of @andrewcuomo and HSTPA: https://t…