Housing Notes: A Fed Paper Shows Just How Private Listings Screw over the Elderly
A November 2025 Federal Reserve Bank of Philadelphia paper finds that older homeowners earn significantly lower housing‑investment returns, largely because they are more likely to use private, off‑MLS listings and sell to investors. The study shows the “age gap” widens sharply after age 76, driven by poorer property condition and reduced market transparency. A 2016 policy change by the Midwest Real Estate Data (MRED) board that forced more private sales onto public MLS cut the age gap in half, providing causal evidence that transparency improves outcomes. Meanwhile, Compass’s new 10% internal referral program and its battle with Zillow over private listing networks raise concerns about double‑ending and market fragmentation.
PolicyPro: J-51 Reboot Flops for Rent-Regulated Landlords, Boosts Co-Ops and Condos
The New York state budget revives the J‑51 property‑tax abatement, extending it a decade to 2036 and widening eligibility for co‑ops and condos while keeping the 50 percent affordable‑unit threshold that bars most rent‑regulated landlords. The program raises the assessed‑value floor...
Mamdani Targets Brooklyn Corridors for Major Housing Push
New York City Mayor Zohran Mamdani has unveiled the “South of Prospect Plan,” a rezoning initiative targeting commercial corridors along Coney Island and McDonald Avenues in Brooklyn’s area south of Prospect Park. The proposal would allow taller buildings and generate potentially...
RealPage Rent-Fixing Settlements Pass $200M (and Counting)
More than $218 million in settlements have been reached with 11 landlords accused of participating in RealPage's alleged rent‑fixing scheme, adding to an earlier $141 million preliminary settlement. Major firms such as Equity Residential, Camden Property Trust and Mid‑America Communities each agreed...
NYC’s Top Construction Permits: Week Ending May 15, 2026
The week ending May 15, 2026 saw a surge of NYC construction permits, led by EMP Capital Group’s two 26‑story residential towers in Astoria totaling 198 units and 201,551 sq ft of space. Other notable filings include the Stagg Group’s 68‑unit, 9‑story building on...
LISTEN: The Exodus of Wealthy Tenants at a UES Mainstay
Miki Natfali purchased 800 Fifth Avenue for $800 million and announced a condo conversion, prompting the building’s luxury rental tenants to vacate by year‑end. The leasing office has closed, and displaced renters are entering an Upper East Side market where only...
Naftali, Blavatnik Snag $374M Refi for Williamsburg Wharf
Miki Naftali and Len Blavatnik’s Williamsburg Wharf secured a $374 million refinancing from Barings, replacing earlier Bank OZK debt. The loan funds Phase 1, which comprises 89 condos, more than 500 apartments and 15,000 sq ft of retail across three towers. Over 70% of the...
Naftali’s UES Project Nabs Contract for $26M Penthouse
Miki Naftali’s Upper East Side development secured a $26 million contract for its flagship penthouse, the most expensive of 38 Manhattan luxury listings that week. The 5,900‑sq‑ft, seven‑bedroom unit joins a market where 30+ high‑end homes have closed contracts in seven...
Long Island Multifamily Development Firm Breaks Up
Long Island’s leading multifamily developer, Fairfield Properties, is being divided between cousins Michael and Gary Broxmeyer. Gary will control 61% of the assets under GB Family Office Holdings, while Michael will take the remaining 39% as MDJ Realty Services. The...
NYC’s Top Deals: Soho Office Trades for $36M
In a 24‑hour filing window ending May 14, 2026, New York City recorded 166 real‑estate transactions worth $279 million. The largest commercial deal was the sale of the 103,000‑sq‑ft Soho office at 261‑267 Canal Street for $36 million, while the priciest residential transaction was a $28.7 million...
Eli Karp Wins Reprieve in $15M Guarantee Fight Tied to East Flatbush Foreclosure
Brooklyn developer Eli Karp secured a temporary reprieve after a judge vacated a $15 million personal guarantee tied to his East Flatbush foreclosure. The ruling follows Karp’s claim that former attorney Leo Jacobs failed to file opposition papers despite being paid...
PolicyPro: Budget Gridlock Drags on, Queens Landlords Push for Faster Evictions
Mayor Zohran Mamdani will unveil an executive budget while New York State’s delayed budget leaves the city facing a $5.4 billion financing gap. Queens landlords have taken their demand for faster eviction hearings to the appellate court, citing chronic court backlogs....
Maverick Blocked From Auctioning Former Flushing Theater Site
Maverick Real Estate Partners’ plan to auction the former KRO Keith’s Theater site in Flushing, Queens was blocked after Xin Development’s parent company filed for Chapter 11 bankruptcy. The filing imposed a $41.2 million judgment lien and valued the 81,000‑sq‑ft property at...
Flatiron Building Scores Top Manhattan Contract at $18M
The Flatiron Building conversion led Manhattan’s luxury market last week, with Unit 8‑North sealing an $18 million contract, the highest deal recorded. A total of 36 properties priced above $4 million entered contracts, up from 29 in the prior period, representing $271 million in...
“Agents Can Get Lost in the Sauce”: NYC’s Indie Firms Push Back on Consolidation
Consolidation is reshaping New York’s residential real‑estate market as Compass absorbs Corcoran’s parent, Anywhere Real Estate, prompting a public clash between Corcoran CEO Pam Liebman and Brown Harris Stevens’ Bess Freedman. Smaller brokerages are either aligning with larger networks, such as Platinum joining...