I’ve heard that it is almost impossible to get rid of a building with rent controlled apartments in it. Even if you price it based on its actual rent income you wont be able to sell because the city will not lower the property tax assessment. And you can’t buy fire insurance for an old rent controlled building in New York - insurance companies aren’t stupid either.
Well my buddy got rid of his 20 years ago so I don’t know what it’s like now. Probably a million times worse due to the tax crazed term limit ignoring despot. Talk about hell, the city siphons your money and you got tenants who are living there basically for free demanding repairs that they don’t have to pay for. Oh yes and you also have to pay for all the heat or you get fined if it falls below a certain temperature and how much is oil today? And that’s to heat an entire building! Never in a million years!