It’s been a busy week for Related Companies, too. On Wednesday, the City Council voted to approve changes to a 2009 rezoning of the Western Rail Yards, allowing for a development that could include up to 4,000 housing units, an office building, a hotel and a 6.6-acre public park. Related has indicated the housing units […]
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Property owners may no longer be able to use certain software to set apartment rents. The state legislature this week approved a bill that would bar owners from basing rents and leasing terms on recommendations from a “software, data analytics service or algorithmic device” that coordinates pricing for or between residential property owners. It also […]
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As the FARE Act took effect earlier this week, New York City’s rental market scrambled to adjust to the new law: listings disappeared from Streeteasy, landlords upped the prices on those still online and agents jumped to social media to express their discontent with the shifting landscape. But brokers dealing in ultra-luxury rentals say they’re […]
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New data shows an RTO reversal. In the early days of post-shutdown return-to-office tracking, offices were busier in markets that didn’t rely on mass transit — presumably because people feared catching the coronavirus on trains and buses. But that trend disappeared with the advent of vaccines alongside other forces, including return-to-work orders and corporate relocations. […]
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A nonprofit fair housing watchdog on Long Island unexpectedly had a hole blown through its budget by the Department of Government Efficiency, or DOGE. Long Island’s lone nonprofit dedicated to investigating housing discrimination, Long Island Housing Services, lost $1 million in funding over the next three years, Newsday reported. The U.S. Department of Housing and […]
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A former office property recently reverted to industrial use secured a tenant for more than half its space. New York City’s Department of Transportation signed a lease for 212,000 square feet at 47-25 34th Street in Long Island City, the Commercial Observer reported. The Queens property is owned by a joint venture of Metropolitan Realty […]
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Ivanhoe Cambridge is facing a tough test at a Financial District office building. The landlord — the real estate unit of Quebec’s public pension fund manager, Caisse de Dépôt et Placement du Québec — defaulted on its $359 million mortgage at 85 Broad Street, people familiar with the matter told Bloomberg. The loan was transferred […]
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Whose rent board is it anyway? The board where everything’s made up and the numbers don’t matter. These are perennial complaints about the city’s Rent Guidelines Board — that the mayor has inordinate influence over the board’s decisions and that the board discards its own math. Both criticisms made an appearance during the second city-sponsored […]
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As we reported Thursday, recently appointed Rent Guidelines Board member Alex Armlovich took to social media to explain why the board won’t freeze rents. In a remarkable series of tweets, he noted that RGB rent increases have been below inflation for 10 years. “RGB has been setting record low rent hikes, not record high,” he […]
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There were about 172 deals recorded, totaling about $328.1 million, in New York City on June 12. 🏆Residential: A full-floor sponsor unit at JDS Development’s 111 West 57th Street was the No. 1 residential deal in New York City. The nearly 4,500-square-foot pad on Billionaires’ Row traded for $16.2 million — about $3,600 per square […]
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