Major Developments:
- RFR buys a $1M apartment near development site at 5 East 44th Street. The condo's board was negotiating to sell its unused air rights to SL Green. The condo board's bylaws require unanimous approval from all the owners to move ahead with any sale.
- NY State approved Spitzer's demolition of 985 Fifth Ave. DHCR had sat on the application for two years and only relented after a lawsuit.
- Mamdani wants to "reboot" the public housing authority — and make it more of a partner to private developers. The public sector can help realize the goal of 200,000 new affordable units over the next decade.
- Edward J. Minskoff Equities and Edison Properties received sought Landmarks approval to convert a Noho parking lot into a 20-story apartment building.
- Cushman & Wakefield took over as property manager at Worldwide Plaza in a court-approved change that took effect July 1. Occupancy at the 1.8 million-square-foot complex has plummeted to between 51 and 61 percent.
- Kinsmen Property Group filed a land use application for a 322-unit residential project at 156-166 Bowery Street in Nolita.
- New York City's upcoming pied-à-terre tax is complicating the high-end rental market, as landlords are increasingly prioritizing full-time tenants to avoid paying the tax on their properties. Lease agreements are becoming more rigorous, often requiring tenants to prove full-time residency, provide tax documentation, and indemnify landlords against potential tax costs or related legal fees.
- Yitzchok Schwartz's YS Developers filed plans for three ground-up buildings at the former RXR development site in Clinton Hill, Brooklyn, including an office building, a mixed-use building, and another residential structure. The development will deliver an estimated 425 units.
- The city concludes that there is no inherent danger of office-to-residential conversions after a safety crackdown. DOB inspected 180 sites but found no systemic structural risks. Inspectors uncovered 65 violations and issued 18 partial stop-work orders across 38 sites; none of the findings posed an imminent threat to public safety.
- Black Spruce Management is facing a lawsuit alleging over $20 million in rent overcharges at The Copper. Plaintiffs claim the landlord exploited "net effective" rents to set an artificially high base rate.
- Goose Property Management bought the Arrow Linen rezoning site from Apex Development, with plans to build four 10-story residential buildings totaling 396 units.
- The FARE Act shifts the burden of broker fees from tenants to landlords, but doesn't increase affordability the way adding housing supply and reducing construction costs do.
