April 2026 New York New Developments

Major Developments:

1. A state proposal would create new housing court divisions for eviction cases involving rent-regulated units and small properties. State lawmakers and landlords are in talks about Good Cause Eviction tweaks.
2. Tenants at a Manhattan NYCHA complex are set to reject private management and investment in the deteriorating property. A state Homeless Bill of Rights would make it explicitly illegal to deny someone housing because they lack a permanent address.
3. Stellar Management elevated Matthew Lembo and Ryan Jackson to managing partners and co-chief executive officers. The portfolio includes more than 13,000 apartments and 3 million square feet of office and retail space. Stellar Management and its co-owner, the Chetrit Organization, are facing a foreclosure lawsuit on the Columbus Square shopping center on the Upper West Side.
4. Dynamic Star partners are in a legal fight for control of the Fordham Landing megaproject against Igal Namdar, whom Segal accused of "brazen acts of treachery" for attempting to push them out via foreclosure. Segal filed a second bankruptcy for the entities controlling the North and South phases of Fordham Landing, halting the foreclosure action and moving the legal battle to federal court so Dynamic Star can seek refinancing or a new investor. The Fordham Landing project, which was set to bring 5,000 affordable housing units to the Bronx, is considered one of the largest new affordable housing developments in New York City in decades.
5. Plans to build 1,200 apartments at 5 World Trade Center, one-third of which were slated to be affordable, have been put "on pause." The primary reason for the pause is rising costs, with Port Authority officials citing increases of up to 50% on certain construction costs. The Port Authority and the development team (including Silverstein Properties and Brookfield Properties) are exploring whether modifications to the mix of affordable and market-rate units are needed to ensure the residential tower can be built.
6. The MTA released an RFP seeking a buyer for its 1119 Pacific Street parking lot. Recent city rezonings, including the Atlantic Avenue Mixed-Use Plan (AAMUP) and City of Yes for Housing Opportunity, now allow the site, estimated at 300 housing units, with at least 25% required to be affordable. Bidders can include the transfer of 34,000 square feet of air rights from the adjacent Franklin Avenue Shuttle right-of-way, potentially resulting in a 250,000-square-foot development.
7. The New York State Supreme Court's appellate division issued a restraining order to stop the demolition of the Fulton and Elliott-Chelsea Houses, temporarily blocking the NYCHA West Chelsea redevelopment plans. The ruling is the latest setback for the $2 billion revamp, which aims to replace more than 2,000 public housing units with 3,500 mixed-income apartments, including 1,000 affordable units. The redevelopment has been bogged down by legal challenges.
8. GFP Real Estate is in talks with Cooper Union to acquire the ground lease for the Chrysler Building. The ground rent is expected to increase to $41 million in two years. Cooper Union began marketing the ground lease after terminating the lease with RFR.
9. Dalan Real Estate filed four more foreclosure lawsuits against landlord Steve Croman, seeking to seize nine Manhattan rental buildings due to missed loan payments on $43.4 million in 2024 mortgages. Dalan acquired the latest cases, targeting 128 units, including Harlem properties at 326-338 East 100th Street, bringing Dalan's total foreclosures against Croman to at least 11.
10. CIM Group is proposing to convert the former Jehovah's Witnesses' Watchtower headquarters in Brooklyn Heights into a mixed-use complex with 661 housing units (165 affordable). The $340 million redevelopment, which requires rezoning, is under review by Brooklyn Community Board 2, the borough president, and the City Council. CIM Group is proceeding alone after acquiring the five-building site with partners.
11. New York City Council committee chairs rejected a proposal to lift short-term rental rules for the World Cup temporarily. The mayor's administration and other opponents fear this would destabilize housing and increase costs for residents.
12. A New York Supreme Court judge gave developer Charles Cohen 45 days to sell properties to settle his debt to Fortress Investment Group, or the lender's executive can sell them. Cohen's initial $187 million debt, reduced by the sales of 623 Fifth Avenue and 3 East 54th Street, still stands at over $135 million.
13. New York City rental listings fell 6% in February year-over-year, marking two years of decline. The median asking rent increased over 8% annually to $3,950.
14. Mayor Zohran Mamdani halted New York City's annual tax lien sale for six months to review the possibility of ending the practice and explore alternatives. The city is considering a nonprofit land bank to acquire debt, negotiate payment terms, or redevelop properties for affordable housing. The suspension removes $220 million in distressed debt and is projected to cause an $80 million municipal revenue shortfall.
15. The NYC City Council is pushing to revive and reform the controversial Third Party Transfer program, which seized tax-delinquent, distressed properties. The proposed legislation, called the Housing Rescue and Resident Protection Act, includes major changes, such as a new property selection formula, new exemptions, and a mechanism for former owners to recoup surplus value from the property's sale.
16. The luxury housing market in New York City did not experience a "Mamdani effect" following the election; instead, contracts for homes asking over $4 million rose by more than 24 percent, and the median listing discount dipped in the 60 days after the election.
17. Community Access filed plans for a 21-story, 220-unit housing development at 730 East 13th Street, which is part of a larger 570-unit affordable housing project around 181 Avenue D. All 570 units will be affordable housing, and in a 128,000-square-foot building that includes a 69,000-square-foot community facility. The development site is the former St. Emeric campus, which the Archdiocese of New York sold for $35 million.
18. More than 600 empty NYCHA units were illegally occupied between 2022 and 2025 as the authority's inventory of vacant apartments ballooned. The lapse came as roughly 165,000 households sit on the public housing waiting list. Between January 2022 and May 2025, the number of units sitting vacant while awaiting renovations jumped from about 2,800 to 6,700.
19. Mayor Mamdani is proposing three new real estate taxes to address New York City's multi-billion-dollar budget deficit, which is estimated to generate $1.2 billion in new revenue. The proposals, floated to Albany lawmakers, include: raising the real property transfer tax on cash-only deals over $1 million; a 1% property tax surcharge on Class 1 and 2 properties valued at $5 million or more; and an unspecified increase to the mansion tax and supplemental tax on residential properties over $5 million.
20. West Park Presbyterian Church is before the Landmarks Preservation Commission, seeking demolition to allow developer Alchemy Properties to build a new tower and space for the dwindling congregation. The 135-year-old church is in severe disrepair, with an estimated renovation cost of up to $40 million.
21. The City Council approved rezoning 395 Flatbush Avenue Extension, enabling the development of nearly 1,300 housing units. Rabina and Park Tower Group, which operates the existing 350,000-square-foot commercial building (office, retail, parking) on city-owned land under a long-term ground lease, will develop a new 1.5 million-square-foot tower. The new construction will sit atop a portion of the current seven-story structure, which will be largely demolished.
22. Northwell Health is acquiring the vacant, 338,000-square-foot Rego Park retail complex, the three-story property at 96-05 Queens Boulevard from Steven Roth's REIT Alexander's for $235.5 million.
23. Schuman Properties filed a rezoning application to construct a two-building complex with roughly 270 apartments and a sizable commercial component at 34-14 Steinway Street in Astoria. The project, which includes a pair of 12- and nine-story buildings totaling approximately 310,000 square feet, has 52,000 square feet of commercial space.
24. RXR is moving its offices to One Vanderbilt to aid recruiting for its 175 Park Avenue project. JPMorgan is soliciting institutional financing from institutional investors for the 83-story, 2.9-million-square-foot office development. RXR and TF Cornerstone are projecting a $6.5 billion cost. The developers previously sought $4.8 billion in federal transit loans, but the money has not yet been awarded.
25. Mayor Zohran Mamdani halted New York City's annual tax lien sale, possibly ending the decades-old practice of selling municipal debt to private investors. This decision pauses the program that recoups unpaid property taxes and water bills. The administration will conduct a six-month review to find alternatives.
26. Clipper Equity filed plans for seven separate residential buildings, each with 99 units, at the 1800 Park Avenue development site in East Harlem, allowing the project to avoid the wage requirements tied to the state's new 485x tax abatement program. The site, totaling 693 apartments and about 628,000 square feet, has a history of stalled development.