November 2025 New York New Developments

Major Developments:

1. Douglaston and Kinwood are developing a 590-unit residential tower, with 55 percent of the units affordable, at Gansevoort Square in the Meatpacking District. The project, located on a 10,000-square-foot lot at Little West 12th Street and 10th Avenue, plans to utilize the 485x tax break, which requires at least 25 percent of the affordable units to be reserved for those earning 60 percent of the area median income.
2. Long Island City (LIC) may gain 15,000 apartments if the City Council approves a rezoning proposal this month. Developers have already delivered thousands of housing units since a 2001 rezoning transformed LIC from an industrial area to a desirable residential hub. This boom began with rentals and then expanded to luxury condos due to increased demand during the pandemic. Property Shark reports that median sale prices in LIC more than doubled between 2014 and 2024, rising from $287,000 to $667,000.
3. Rivington Co plans 99 units and 12,300 sq ft of commercial space in a 136,800 sq ft FiDi conversion at 140 Fulton St, a lot bought for $26M.
4. The City Council approved the rezoning of 230 blocks in Jamaica, Queens, the fourth neighborhood rezoning under the Adams administration. This plan is projected to create 11,800 housing units, with 4,200 permanently affordable, and includes the city's largest Mandatory Inclusionary Housing zone.
5. The City Council advanced the Long Island City rezoning, set to create 14,700 new homes, including 4,300 affordable units, and 3.5 million square feet of commercial space, after the Adams administration pledged $1.5 billion for the neighborhood. The proposal now goes to City Planning before a final Council vote.
6. InterVest Capital Partners, the company that bought the 48-story tower at 30 Broad Street in the Financial District through a foreclosure auction in June, has submitted plans to transform the building into 571 rental apartments.
7. New Midtown developments offer some relief by allowing existing assets to serve other clients. BXP's 3 Hudson Boulevard will likely require a substantial anchor to secure financing, whereas 343 Madison Avenue was funded off-balance sheet due to its smaller scale.
8. SL Green plans to build a new 41-story office tower at 346 Madison Avenue on spec. RXR and TF Cornerstone are undertaking the ambitious 175 Park Avenue project, which will replace the Grand Hyatt Hotel with a towering office and hotel complex.
9. Councilmember Mercedes Narcisse introduced a bill to allow owners of one- and two-family homes in NYC to rent out their properties on a short-term basis without being present, thereby loosening the 2023 short-term rental law.
10. The city selected Rybak to develop a 505-unit Coney Island project on Surf Avenue, part of a larger neighborhood redevelopment. This includes a $1 billion+ investment in boardwalk renovations and the creation of 10,000 housing units on city-owned land, with 1,500 units in Coney Island West. NYCEDC president and CEO Andrew Kimball stated, "Utilizing public land for housing is a critical way to increase our supply."
11. A $200M joint venture plans two 14-story towers in Downtown Jamaica, named "Arras." The project, a partnership between Greater Jamaica Development Corporation, Gotham Organization, Monadnock Development, and Moses Sole Realty, will redevelop a five-story parking garage. It will include over 350 affordable rental units and 72 income-restricted condos.
12. DOJ calls on independent trustee to take over LuxUrba, citing "chaos" for customers and creditors in the hotel operator's bankruptcy. Attorneys for the Office of the U.S. Trustee filed a motion for an independent trustee to take over the bankrupt firm.
13. Brookfield Properties is nearing a $1.3 billion refinance for 660 Fifth Avenue, a redeveloped office tower. A $1.2 billion CMBS loan will be originated by Citi Real Estate, Barclays, ING Capital, Bank of America, and Santander Bank, with an additional $89.4 million mezzanine loan. The 1.3 million-square-foot, 39-story tower is appraised at nearly $2 billion.
14. Governor Hochul has allocated nearly $500 million to Mitchell-Lamas statewide, averaging $4,762 per unit, with one agency providing over $11,000 to 24,000 units. If applied to NYC's rent-stabilized units, this would total $4.6 billion. A recent budget cut reduced Mitchell-Lama taxes by $50 million annually, but this exclusion did not apply to Penn South, a "Article V" co-op. Despite shareholders keeping maintenance fees too low to cover building costs, the state is allowing a $2 million annual tax cut for Penn South.
15. MGM Resorts withdrew its $2.3 billion Yonkers casino proposal despite unanimous community advisory committee approval. The company cited a "newly defined competitive landscape" with remaining proposals clustered in outer boroughs (Queens Aqueduct, Steve Cohen's Metropolitan Park, Bally's Bronx). MGM also noted that new state rules would only grant them a 15-year license, not the 30 years they expected for their $2.3 billion investment.
16. Related poised to develop skyscraper at Prada's Fifth Ave building. Related Companies is nearing a deal to create a skyscraper at 720-724 Fifth Avenue. The building may be attached to the Aman hotel and residences adjacent to the site; tenants may even be able to utilize the amenities next door. Blau is negotiating to develop a 225,000-square-foot building. Prada would have a store at the base of the property, with corporate offices above. The building would also feature luxury residences that could command prices of five figures per square foot. Prada would reportedly need to relocate during the construction of the property.
17. C.V. Starr agrees to lease approximately one-third of the 1-million-square-foot development. C.V. The 343 Madison development is a prominent 46-story tower connected to Grand Central Terminal. BXP had a letter of intent for 30% of the building's leasable space last month, presumably with C.V. Starr.
18. The borrower for 650 Madison Avenue, including Vornado Realty Trust, has defaulted on payments for the 28-story, 595,000-square-foot office and retail building. Owners include Vornado, Oxford Properties Group, and the Ontario Municipal Employees Retirement System. Occupancy is 74%. Ralph Lauren shrank its lease by 39% and now pays roughly 30% less in rent.
19. The New York casino license competition seems to be between Metropolitan Park and Bally's Bronx, as MGM Empire City and Resorts World's Queens Aqueduct Casino are strong contenders for two of the three licenses. Cohen and Hard Rock International propose a 50-acre casino complex near Citi Field, featuring a 1,000-key hotel, a music venue, and green space. Bally's plans a casino on 16 acres at Bally's Golf Links, including 500 hotel rooms and a 2,000-seat entertainment venue.
20. JPMorgan Chase is developing a "city within a city" in Midtown Manhattan, centered around its new 60-story headquarters at 270 Park Avenue. The $5 billion project, spearheaded by CEO Jamie Dimon, includes the acquisition of 250 Park Avenue and a planned overhaul of 383 Madison Avenue, totaling nearly 6 million square feet of office space.
21. Manhattan's median apartment rent in September was $4,550, up 8% year over year. Elevated mortgage rates have kept buyers in the rental market, driving demand.
22. Zohran Mamdani's proposals, like free daycare and a $70 billion bond, face criticism, but he still leads Andrew Cuomo by 13 points in the mayoral race. Cuomo, possibly influenced by Mamdani, has drastically altered his housing plan from 500,000 units over ten years to 500,000 affordable units built concurrently, a far more difficult and expensive undertaking.
23. Mamdani, the Democratic primary winner, backs these NYC housing initiatives: rezoning, weakening City Council member deference, supporting City Charter revisions, adding and simplifying rental vouchers, increasing HPD staff, and urging Albany for property tax reform.
24. Louis Greco files for bankruptcy claims between $100 million and $500 million in liabilities.
25. Chelsea Piers Management signed a new lease for more than 48,800 square feet at 200 Varick Street.
26. Farallon Capital Management invested in RXR Realty's 75 Rockefeller Plaza, valuing the 627,000-square-foot tower at $190-200 million. This is below the $260 million debt RXR secured in 2022. The deal also restructured the property's debt into an A note and a "hope note."
27. StreetEasy updated its platform to reflect new market conditions. It now includes a tool for agents to detail rental costs, helping them comply with NYC's FARE Act, which bans landlord-hired agents from charging tenant broker fees. The "Days on Market" metric for for-sale listings is still available under Property History. These changes highlight ongoing industry discussions about listing marketing.
28. Mamdani's rent freeze is more likely than ever. Mayoral frontrunner and rent-stabilized experts eye other ways to help owners.
29. Cirrus Real Estate and LCOR have bought Greenland USA's troubled Pacific Park project in Brooklyn, taking over $200 million in debt. The joint venture will restructure the long-delayed development, which includes 876 unbuilt affordable units. They will pay $12 million into an affordable housing fund, and state fines against Greenland for missing the affordable unit deadline have been halted.
30. Judge says residential condo board at 75 Wall Street can place lien on Hyatt hotel over common charges amounting to $500,000.
31. The Jamaica, Queens rezoning (230 blocks) is set for a final City Council vote this month. Approved with changes by subcommittees, the rezoning reduced projected housing units from 12,300 to 11,800. Modifications included a lower density south of downtown Jamaica and removing some southern corridor districts for better transition to existing residential areas. The Adams administration committed $413 million for infrastructure, parks, and schools, adding to over $300 million from the City of Yes for Housing Opportunity.
32. The City Council is also expected to vote on the Long Island City rezoning (50-plus blocks) this month, though local Council member Julie Won seeks greater affordability and infrastructure investments. These rezonings, if approved, will conclude five neighborhood rezonings under the Adams administration. Major initiatives like a text amendment for last-mile facilities and the Manhattan Plan will be left to the next mayor.
33. Fed Delivers Second Rate Cut, Signaling Shift from Previous Forecast Jerome Powell Hints at Further Uncertainty Regarding Future Cuts
34. 1211 Sixth Avenue, the valuation has fallen 42% since 2015. The property was most recently appraised at $1.19 billion. The property's loan, with $1.04 billion outstanding, was transferred to special servicing in May ahead of an August maturity date. This month, RXR secured a $1.45 billion recapitalization of the property. About $367 million is expected to go to improving the tenant experience.
35. Developers are rushing to complete projects qualifying for New York's former 421a tax exemption by the June 15, 2026, deadline. Despite an extension granted last year, which came with stricter affordability requirements, many are incurring higher costs to finish construction on time. The program's expiration and subsequent extension highlight its complex legacy and its role in adding over 100,000 housing units to the city.
36. Developers of the Flatiron Building's 35 residential units have unveiled initial pricing for 18 condos, projecting a $375 million sellout. Prices range from just under $11 million to $50 million. The Brodsky Organization and Sorgente Group are developing the project.
37. The Housing Stability and Tenant Protection Act of 2019 has significantly devalued New York's rent-stabilized buildings by up to 75%. Landlords struggle with strict deregulation documentation and face costly rent-overcharge lawsuits, including treble damages.
38. Most expect the state to grant MGM and Resorts World two of the licenses because they both already operate as racinos. That would leave Bally's and Metropolitan Park proposals competing against each other for the last license.
39. Meyer Chetrit faces felony indictment in Manhattan for a five-year campaign of harassment against two elderly, rent-regulated Chelsea tenants. Charges include two counts of first-degree harassment, a Class E felony, carrying a maximum four-year prison sentence.
40. Caedes Group's 43 Bleecker Street, an 11-unit condo conversion, is the first project to use the Affordable Housing Fund option for Mandatory Inclusionary Housing (MIH) compliance, which bridges the gap between MIH exceptions (under 10 units/12,500 sq ft) and the requirement to build units (over 25,000 sq ft/25 units).
41. Mayor Eric Adams is finalizing a 20-year deal with Related Companies to operate Wollman Rink. The deal includes $10.9 million in upgrades and $91 million in concession fees.
42. Jersey City Mayor Steven Fulop will become the next president and CEO of the Partnership for New York City, succeeding Kathryn Wylde, following a months-long search and board confirmation. Fulop's final mayoral term ends in January; he has overseen significant development in Jersey City.