Major Developments:
- New York Governor Kathy Hochul has enacted a one-year moratorium on the construction of large data centers — specifically those exceeding 50 megawatts — that have not yet secured building permits.
- Rybak Development filed plans for Tilyou Towers, a 28-story, 527-unit mixed-use project in Coney Island, replacing a city-owned parking lot at 2108 Surf Avenue.
- New York City's new pied-à-terre tax is affecting a much larger pool of properties than initially projected: 19,200 condos and townhouses, while the city's preliminary list hit over 31,000 properties—far higher than early city forecasts of roughly 13,000. Early estimates by the NYC Mayor's Office anticipated roughly $500 million a year from about 10,000 to 13,000 properties. With an expanded pool eligible for the tax, the revenue could rise to $1.5 billion.
- A structural failure occurred at MetroLoft's former Pfizer headquarters when columns buckled, and floors sagged. Investigations halted work at 235 East 42nd Street.
- The state has selected the Gotham Organization, Fisher Brothers and Mural Real Estate to develop Hudson Landing, a $1 billion project featuring two connected towers with 1,127 total residential units at 621 West 45th Street.
- Wolfe Landau's Watermark Capital Group has filed plans for a 39-story mixed-use development at 78 Pearl Street in the Financial District, featuring ground-floor retail, 10 floors of office space, and 99 residential units.
- New York City officials issued a stop-work order at 222 Broadway after contractors and engineers failed to report cracks in concrete beams on the building's top floor. Developer GFP Real Estate maintains the building remains stable and that the shutdown is due to a reporting discrepancy rather than safety issues. However, the Department of Buildings is still reviewing the site.
- The Landmarks Preservation Commission approved United American Land's 277 Canal Street project, a 159-unit development that marks the first major new project in Soho since the neighborhood's 2021 rezoning.
- To secure the approval and facilitate transit improvements, the developer agreed to fund a $10 million subway elevator for the Canal Street N, Q, and R station in exchange for a density bonus through the Zoning For Accessibility Program.
- The project, which includes 31 affordable units and will likely feature a mix of condos and rentals, faces a roughly one-year approval process from City Planning before anticipated construction begins in late 2027.
- Located on a 1.2-acre, state-owned site across from the USS Intrepid museum, the development plans include 108 condominiums and a majority of rental apartments, with a significant portion of both set aside as affordable housing.
- Mayor Zohran Mamdani is appointing McKinsey & Co. partner and veteran government official Anthony Shorris as the president and CEO of the Economic Development Corporation.
- Mayor Mamdani is backing a bid by Spatial Equity Co. to take over 38 distressed Manhattan apartments.
- Woody Pascal claimed that the agency DHCR secretly changed its policy in 2023 to use tenant buyouts as evidence that buildings were not in poor condition, making it harder for owners to remove properties from rent stabilization. DHCR applied the new policy retroactively, disqualifying completed substantial rehabilitation projects and creating a financial disaster for firms like Peak Capital Advisors.
- Former EDC President and CEO Andrew Kimball will join New York University in August as senior vice president for global real estate, facilities and campus development. Kimball intends to prioritize the strategic management of NYU's 20 million-square-foot global real estate portfolio.
- New York's slow legal cannabis rollout allowed unauthorized smoke shops to proliferate across the city, leading to a crackdown that involved padlocking over 1,400 illegal storefronts.
- The enforcement effort placed a significant financial and legal burden on commercial landlords, who were held responsible for tenant misconduct, faced hefty fines, and were compelled to initiate evictions within five days of a violation notice.
- Cooper Square Committee, Housing Works and Spatial Equity will work with This Land is Ours Community Land Trust to build 131 affordable units, plus a senior center and community space on the site of an NYPD lot at 324 East 5th Street. The project, currently estimated at more than $90 million, promises to provide 25 replacement parking spots for NYPD use upon completion.
