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AffordableNY has about 2 months left before it expires, so no, at this point if you don't have a footing (thus locking in the program benefits) you're out of luck.
Given the myriad number of abatement and incentive programs in the city and state, there are still a lot of ways to make deals work, especially on the affordable side, but they all involve a lot of headache. A lot of the tried and true value add methods in NYC are well known at this point, so there is a lot of competition when those opportunities come around. A complicating factor is size - because prices are so high in NYC, you see big players in this space a lot. Even big funds can play at the asset level, so it's tough for smaller shops to compete with that.
As with anything else, having an expertise is essential. If the barrier to entry for a specific asset/market is knowledge, instead of capital, you can outperform the big guys with cheaper cost of capital. Or you can roll the dice and hope the market keeps going up, the same way a lot of folks did from 2012-2018... but you have to hope you exit before the market turns.
Thoughts on rates affecting cap rates in NYC? Do you feel NYC will be more "resilient" as it has in the past with macro/rate (very minimal, yes) events?
What do you mean by "resilient"? The challenges facing NYC real estate have nothing to do with cap rates or interest rates, which will do their own thing. Legislative and environmental risk will test New York's resilience. The fact that some people will go bust because they bought a lot of property without a plan other than "cheap debt" isn't a matter of concern. That's healthy - gamblers should lose some times, and if you're reliant on interest rates staying low to make money, you're basically just gambling.
What do you mean by environmental? Like more so the greater market?
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