A Solution for Vacant Units and Mamdani’s Trust Problem
New York’s mayoral administration sent Deputy Mayor Leila Bozorg and HPD Commissioner Dina Levy to The Real Deal’s New York Forum to engage landlords amid rising rent pressures. The officials emphasized the need for trust and announced plans to streamline HPD violations and housing court reforms. They also highlighted a proposal to issue a city‑wide RFP, charging owners $20,000 per unit to renovate vacant rent‑stabilized apartments, a fraction of the $700,000 cost of new affordable housing. The strategy aims to bring thousands of units back online, create jobs, and curb rent growth.
The Daily Dirt: Waiting for 485x Reform? Mamdani Admin Says Wait Longer
The New York City 485x tax‑abatement program, which ties affordable‑housing credits to a construction‑wage floor for projects over 99 units, remains under fire. Developers and their lobbyists want the wage threshold relaxed, while the Building and Construction Trades Council pushes...
Talking Local Law 97 with DOB Head Ahmed Tigani
New York’s Local Law 97, which caps greenhouse‑gas emissions for buildings over 25,000 sq ft, saw a 91% compliance rate in its first phase that began in 2024. The Department of Buildings, led by Commissioner Ahmed Tigani, is now reaching out to the remaining...
Runyon Group Notches Hamptons Retail Sale Record
Runyon Group and River Oaks Properties purchased two Water Mill retail complexes for $39 million, establishing the most expensive retail sale in Hamptons history. The combined 50,000 sq ft of space accounts for 84 percent of the hamlet’s gross leasing area, giving the buyers...
Gary Barnett Buys Park Avenue Dev Site for $500M
Gary Barnett's Extell Development closed on a Midtown Manhattan assemblage at 405‑417 Park Avenue for $500 million, adding $20 million of air rights from the nearby Central Synagogue. The combined blockfront between East 54th and East 55th streets can accommodate roughly 527,000 sq ft...
The Exodus at 800 Fifth Avenue
Miki Naftali purchased 800 Fifth Avenue for roughly $800 million and intends to replace part of the 1978‑built tower with a 26‑story ultra‑luxury condo. The building’s 208 existing rental units are being cleared, with all tenants required to vacate by year‑end,...
NYC’s Top Deals: Madison Realty Capital Sells Greenwich Village Condo for $10M
In a single day on May 7, 2026, New York City recorded 165 real‑estate transactions worth $295 million. The most expensive commercial deal was a 20,700‑sq‑ft industrial building in Elmhurst that sold for $9.9 million, roughly $480 per square foot. The headline residential transaction was...
COPA Returns, with Tenant Advocates Crafting the Bill
The New York City Council is poised to reintroduce the Community Opportunity to Purchase Act (COPA) within 30 days, with mayoral support from Zohran Mamdani. The bill would temporarily halt sales of distressed multifamily properties, giving a small pool of...
Josh Zegen, Adi Chugh Talk Private Credit and Writing Big Checks
Josh Zegen, co‑founder of Madison Realty Capital, reflects on two decades of building the private‑credit real‑estate market, while newcomer Adi Chugh’s TYKO Capital has already financed marquee deals—a $565 million Miami office loan and a $1 billion Manhattan tower. Speaking at The...
Kathy Hochul Announces $268B Budget with Pied-À-Terre Tax
Governor Kathy Hochul unveiled a $268 billion budget framework, the most delayed in her tenure, that includes a controversial pied‑à‑terre tax on second homes valued above $5 million in New York City. The tax is projected to generate $500 million annually, though city...
Mamdani Housing Official Calls RGB “Very Blunt Tool”
Deputy mayor for housing Leila Bozorg labeled the Rent Guidelines Board’s uniform rent‑increase formula a "very blunt tool." Landlord groups such as the New York Apartment Association and Small Property Owners of New York are urging the board to adopt...
Madison Realty Capital Sells 16 Fifth Ave Penthouse for 36% Off
Madison Realty Capital’s Greenwich Village tower saw its flagship penthouse, Unit PH2, close at $32.5 million—about 36% below the prior $45 million asking price. The 6,800‑sq‑ft duplex features five bedrooms, seven bathrooms, a private elevator and two terraces, and is part of...
RXR Caps Off Redeveloped White Plains Complex with Refinancing
RXR and Korman Communities secured a $269 million refinancing for the Hamilton Green multifamily complex in White Plains, completing the 477‑unit redevelopment that replaced the former mall. The project is now fully leased and offers amenities such as a pool, golf...
Steve Roth Calls Mamdani Video “Irresponsible and Dangerous”
Vornado chairman Steve Roth publicly condemned NYC Mayor Zohran Mamdani’s viral video that used Ken Griffin’s $238 million penthouse to promote the governor’s proposed pied‑à‑terre tax. Roth labeled the video “irresponsible and dangerous” and defended the role of wealthy developers in...
What to Expect at TRD’s NYC Forum Tomorrow
The Real Deal’s New York City Forum will examine how Mayor Eric Adams’ administration plans to partner with developers on affordable‑housing initiatives, featuring Deputy Mayor Leila Bozorg and Monadnock’s Kirk Goodrich. Panels will also dissect the office market’s uneven recovery,...
Feil Organization Signs Firm to 74K Sf Lease at 7 Penn Plaza
The Feil Organization secured a 74,000‑square‑foot lease with employee‑owned HDR Engineering at 7 Penn Plaza, covering three Midtown floors. The lease, priced at $70 per square foot, lifts the building’s occupancy to 90 percent. Feil’s recent activity also includes a full‑occupancy lease...
Law Firms Lead the Way in New York’s April Top Office Leases
Law firms dominated New York’s March 2026 office‑lease leaderboard, capturing three of the ten biggest deals despite not taking the most total space. The largest lease was fintech payments giant Adyen’s 90,000‑square‑foot, 10‑year commitment in the Flatiron District, followed by...
BHS Takes over Sales at Hopson’s Turtle Bay Condo
Brown Harris Stevens Development Marketing (BHSDM) has taken over sales of the 191‑unit Monogram condo at 135 East 47th Street, with just over 90 units left to sell. The handoff follows a strong absorption rate and aims to inject fresh...
Court Revives Eli Karp’s Loan-to-Own Claim Against Madison Realty Capital
A Brooklyn appellate court revived Eli Karp’s 2021 lawsuit against Madison Realty Capital, allowing him to pursue claims that the lender engineered a “loan‑to‑own” scheme on his East Flatbush development. Karp alleges Madison bought the mezzanine debt, raised interest rates...
Life Time Inks NYC’s Biggest Retail Deal in April
Life Time announced a 71,000 sq ft lease on 83 Wythe Avenue in Williamsburg, marking the largest retail transaction in New York City for April 2026. The deal tops a list that also includes a 22,000 sq ft French restaurant by Bar des Prés, a 16,000 sq ft Aritzia...
New York’s Top General Contractors Feel Impacts of Inflation
New York’s general contractors posted a solid 2025, but 2026 is clouded by persistent inflation that lifts material, labor and tariff costs, eroding project economics. Companies such as Broadway Builders see a drying pipeline and are looking beyond the five...
Ranking: New York’s Most Active Architects
The Real Deal’s 2025‑2026 ranking, based on Department of Buildings permits, shows Gensler topping alterations and S. Wieder Architect PC leading new‑building filings in New York City. A post‑pandemic rebound, coupled with the City of Yes incentives and the 99‑unit tax abatement, has revived...
The Closing: Jonathan Landau
Jonathan Landau, former Fortis partner, is launching a 47‑story residential tower at 205 Montague Street in Brooklyn Heights after closing $213 million in financing. His new firm, Landau Properties, which he runs with his daughter, son and son‑in‑law, already delivered a sold‑out...
Developers Piece Together Opportunity in NYC’s Rezeoned Garment District
The Midtown South rezoning, approved in August 2024, opened 42 Manhattan blocks—including the Garment District—to residential development, targeting 10,000 new units. Former Silverstein CEO Marty Burger and Andrew Heiberger bought the distressed 12‑story office at 29 West 35th Street for $25 million and plan...
Japanese Capital Floods NYC Multifamily Market
Japanese investors have become the dominant foreign buyers in New York City, spending at least $2.1 billion on local property since the start of 2024. Of that, $233 million was used to acquire 326 multifamily units, primarily in the $5‑million to $15‑million...
Housing Lotteries Frustrate Landlords, Tenants. Here’s How to Fix Them
New York City’s Housing Connect lottery processed roughly 6 million applications for about 10,000 below‑market units in 2024, creating a 600‑to‑1 applicant‑to‑unit ratio. Although the average approval wait fell by 34 days, it still averages 142 days, and three‑quarters of applicants...
The Upper East Side’s Court-Ordered Market
A New York judge ordered a court‑sale of a Upper East Side townhouse on East 73rd Street for roughly $10 million, a steep discount from its $13 million 2010 purchase price after hedge‑fund founder Jason Ader defaulted on a $13 million loan. The case reflects...
NYC’s Top Deals: Nate Silver Scoops up Noho Pad for $3M
On May 1, 2026, New York City recorded 119 real‑estate transactions totaling $127 million. The most expensive commercial deal was an $8.5 million sale of a 29‑unit Bronx apartment complex, while the priciest residential transaction was a $3.5 million downtown Brooklyn penthouse. Statistician Nate Silver and partner...
The Daily Dirt: Is AI the Office Market’s Best Friend or Biggest Threat?
First‑quarter earnings from CBRE, Newmark and JLL show a surprising rebound in office leasing, driven largely by AI startups snapping up premium space in New York and San Francisco. Small, well‑funded AI firms are signing oversized leases far beyond current headcounts, leaving...
For Co-Ops, Pied-À-Terre Tax Leaves More Questions than Answers
New York Governor Kathy Hochul has revived a pied‑à‑terre tax targeting city apartments worth $5 million or more that are not primary residences, aiming to raise roughly $340‑$510 million annually. The proposal could affect about 13,000 units but faces major hurdles because...
MAG, Global Holdings Plot Hudson Square Resi Tower
MAG Partners and Global Holdings have signed a long‑term ground lease for Trinity Church’s 122 Varick Street site in Hudson Square. The developers will construct a 192,000‑square‑foot mixed‑use tower with 149 rental units, at least 25% of which must be...
REBNY Honors Resi Dealmakers at 2026 Deal of the Year Awards
The Real Estate Board of New York (REBNY) recognized Compass agents Dakota Scotto and Lawrence Rich at its 2026 Residential Deal of the Year Awards for averting a high‑value rental that fell through due to the applicant’s documentation delays and...
Steve Madden Walks Into 60K Sf at ESRT’s 501 Seventh Ave
Steve Madden has signed a 13‑year lease for 60,000 square feet at Empire State Realty Trust’s 501 Seventh Avenue in Manhattan’s Garment District, paying rent in the low $60s per square foot. The move relocates the shoe retailer from its...
TRD PolicyPro: Pied-À-Terre Tax Fluctuations, State Bill Targets Condo Lawsuit Risk
New York City is weighing a pied‑à‑terre tax that could generate between $340 million and $510 million a year, depending on exemptions for rentals, co‑ops and mixed‑use buildings. Governor Hochul’s office estimates roughly $500 million from about 13,000 high‑value secondary residences. Meanwhile, state...
Former Extell CEO Snaps up Scarsdale Retail Hub From Saks Global
Former Extell Development CEO Sush Torgalkar, through his Sagehall fund, bought the 200,000‑square‑foot former Saks OFF 5th site at 750 White Plains Road in Scarsdale for $80 million, or $400 per square foot. The suburban retail hub is 64% occupied, hosting tenants such...
“Deliberate Sabotage”: Bankrupt Hedge Funder’s UES Townhouse Sells After Family Legal Spat
Former hedge‑fund activist Jason Ader’s Upper East Side townhouse sold to film producer Eric Eisner for just under $10 million, a steep discount from the $13 million Ader paid in 2010. The sale follows a New York judge’s order allowing Ader’s mother, Pamela,...
RXR Takes Loss on Recently Rezoned Clinton Hill Site
RXR sold the 550,000‑square‑foot 47 Hall Street site in Brooklyn to YS Developers for $121.4 million, roughly $221 per square foot. The property was bought in 2016 for $161 million, indicating a loss after the pandemic stalled its original luxury‑office plan. The...
Anthropic Eyeing 466K Sf Lease for Entire Hudson Square Building
Anthropic, the creator of the Claude AI model, is nearing a lease for the entire 466,000‑square‑foot Hudson Square building at 330 Hudson Street in Manhattan. The proposed space far exceeds the 250,000‑to‑450,000 sq ft range the company was initially scouting earlier this...
State’s Attack Could Crush Peak Capital Advisors, Sub-Rehabs
New York’s Attorney General and Governor’s housing commissioner have sued Peak Capital Advisors, alleging the firm illegally deregulated 31 rent‑stabilized buildings through sub‑rehab projects between 2020 and 2023. The state argues the properties were not "substandard or seriously deteriorated," a...
Aby Rosen Refuses to Check Out of 11 Howard Hotel
Aby Rosen's RFR Holding is refusing to vacate the 11 Howard hotel after landlord Commerz Real alleges the tenant owes roughly $42 million in back rent, taxes and fees. The dispute stems from a 2014 sale where RFR sold the property...
NYC’s Top Deals: Mother of Pop Star Ariana Grande Drops $11M on 15 CPW Pad
Joan Grande, mother of pop star Ariana Grande, bought a 2,500‑sq‑ft condo at 15 Central Park West for $10.8 million, marking the day’s top residential transaction. In Crown Heights, two vacant lots changed hands for $49 million, the highest commercial deal recorded. Across the city, 195...
Housing Notes: Breaking Down the Billionaire Halo Effect
The piece dissects the billionaire halo effect, showing how wealth amplifies perceived expertise and drives media hype around ultra‑luxury homes. It highlights a new $400 million Los Angeles megamansion listing and revisits the $500 million‑priced “The One” that sold for a fraction of its...
Daryl Hagler Sells Another Nursing Home to Chuny Herzka
Daryl Hagler sold the 372‑bed Richmond Center nursing home in Staten Island to Emerald Healthcare for $82 million, part of Emerald's $1.7 billion plan to acquire the Centers Healthcare portfolio. The property, bought by a Hagler affiliate in 2012 for $15 million, has...
NYC’s Top Construction Permits: Week Ending April 24, 2026
New construction permits in New York City for the week ending April 24 2026 highlight a mix of high‑rise development, mid‑rise residential projects, and several demolition and alteration filings. Extell Development filed plans for an 86‑story, 1.65 million‑sq‑ft tower at 80 West 67th Street on the...
Former Brooklyn Nets Star Ben Simmons Relists Olympia Dumbo Pad
Former NBA All‑Star Ben Simmons has relisted his Olympia Dumbo duplex for $15 million, lowering the price from the $17 million he originally sought. He bought the 5,300‑sq‑ft, five‑bedroom unit for about $14 million in 2023 while the building was still under construction....
GFP Separates Development Business From Rest of Firm
GFP Real Estate has spun off its development arm into a new affiliate, GFP Development, headed by Brian Steinwurtzel. The move is intended to clarify branding and give Steinwurtzel credit for his projects, which include high‑profile Manhattan conversions such as...
Fetner, PGIM Team up on $65M Columbia Student Housing Buy
Fetner Properties and PGIM closed a $65 million sale‑leaseback for Columbia University’s Arbor student housing in the Bronx. The 126‑unit, nine‑story building was purchased with $47.6 million in acquisition financing and a bridge loan to fund upgrades. Columbia will continue leasing the...
As Legal Challenges Mount, What’s Next for the Chetrits?
The Chetrit brothers, Meyer and Joseph, are confronting mounting legal and financial pressures, including a $132 million judgment from Maverick Real Estate Partners tied to a recourse guaranty, and a $39 million fire‑damage verdict. Allegations range from misappropriating tenant security deposits to...
ABS Partners Plans 400-Unit Development at Manhattan Studio Site
ABS Partners Real Estate filed a ULURP rezoning application to replace a historic studio at 515 West 57th Street with a 30‑story, 394‑unit residential tower. The 378,000‑square‑foot project will include a commercial component and 119 affordable units under New York City’s inclusionary housing...
Brooklyn Developer’s Quay Tower Condo Scores Borough’s Top Contract
Brooklyn Home Company co‑founder Bill Caleo sold his renovated Quay Tower condo for $11.9 million, the highest contract among 29 Brooklyn deals signed between April 20‑26. The six‑bedroom, 4,500 sq ft unit was created by merging two unfinished spaces and features luxury finishes, private...