New York Apartment Loans

New York: In the Spotlight

New York state is a prime location for multifamily and apartment lending. Not only is it home to New York City, but it is also home to tons of colleges and universities, creating ripe opportunities for student housing. The state of New York has a population of 19.5 million residents and the property values and household incomes are on the rise. The New York City metro area is home to over 9 million of the state’s residents, and the state has a median age that is lower than most in the area.

Adirondack Park covers about 6 million acres, making it the largest publicly protected area in the contiguous United States.
The median household income in New York is higher than the national median
The median age in New York is 39
New York has more than 9.19 million employees
JP Morgan Chase, IBM, and PepsiCo are the largest employers in the state
The NYC government is among the largest employers in the state, as well

How Lenders Underwrite Apartments in New York

In New York City, the first underwriting question is how many units are rent stabilized, because those rents move on a schedule the owner does not set. The Housing Stability and Tenant Protection Act of 2019 repealed high-rent vacancy deregulation and the statutory vacancy increase, so a stabilized unit stays stabilized when a tenant leaves. The Rent Guidelines Board sets lease increases each year. In June 2026 it voted 0% for one-year and two-year leases that begin between October 1, 2026 and September 30, 2027. Lenders size stabilized buildings on legal in-place rents and that guideline schedule, while expenses keep rising.

Renovation plans get the same scrutiny. Major Capital Improvement increases are capped at 2% per year. Since October 17, 2024, Individual Apartment Improvement increases are limited to $30,000 of work per unit, or $50,000 for certain vacant units that the state certifies in advance. A business plan that assumes bigger rent lifts than those rules allow will be cut back in underwriting.

Property tax: Buildings with more than 10 units are assessed at 45% of market value, and changes are phased in over five years, so a rising assessment can keep pushing the tax bill up after closing. Buildings with 10 or fewer units have assessment increases capped at 8% a year and 30% over five years. Lenders project the bill the phase-in will produce, not the current one.
Local Law 97: Buildings over 25,000 square feet must meet emissions limits that tighten in 2030, with penalties of $268 per metric ton over the limit. Buildings where more than 35% of units are rent regulated can comply through a set of prescribed energy measures instead. Lenders ask for the building's filing status and may hold reserves for retrofit work.

Heavily stabilized buildings often fit Fannie Mae, Freddie Mac, or bank loans sized on today's DSCR. Plans that depend on turnover or a renovation program usually start with bridge financing. Test the numbers on legal rents in the DSCR calculator.

New York Apartment Loan and Lending Options

In the state of New York, there are several different financing options for apartment loans and commercial real estate. We have the tools available to work with all types of loans, lenders, and financing solutions, ensuring that you get everything that you need. We can help with New York apartment financing like:

Finance Your New York Apartment Building Now

Count on the Apartment.loans team, as we specialize in New York apartment loans and commercial real estate funding. We can help you get the financing that you need for your standard apartment investment, or even help with value-add opportunities and ground-up developments. We have solutions for every investment option and have experience in all kinds of markets throughout New York state.

With the help of our experienced team, you will be able to get the loan you need quickly and easily, regardless of whether that’s a basic loan or a special request. Just let us know how we can help, and we’ll make it easy to take your investments to the next level with New York apartment loans. To get started or learn more, contact our New York Apartment Lending Specialists at desk@janover.co or (561) 556-9997.

Our apartment loan brokerage and lending strengths are available in markets throughout the state, with a particularly strong presence in Albany, Rochester, Buffalo, and New York City.

Apartment loans from $750,000 and up.