But give him time!
During the mayoral race, I wrote a number of columns criticizing Mamdani’s simplistic or unrealistic promises, while realizing that the goal of campaigns is to win. Candidates with complicated, plausible proposals tend to lose, as Hillary Clinton will tell you.
I also felt that Mamdani would moderate his positions, appoint some experienced and pro-housing advocates, and try to govern, instead of letting the Democratic Socialists of America take over City Hall, impose Sharia law, and replace the Stars and Stripes on municipal buildings with Palestinian flags, as some paranoid people expected.
Looks like I got that right. The story is important to Mamdani, which is why he resumes clearing homeless camps, even though camps weren’t the reason people died during the cold snap.
Where does all this leave the real estate? Depends. If you’re an office landlord, a condo developer, or a luxury home real estate agent, you’re pretty happy. Commercial tenants are looking for space and wealthy buyers are more active than before Mamdani.
It is clear that an apocalypse will not happen.
Unless you own a fully rent-stabilized building. Then you are at least as worried or desperate as before the elections.
Because Eric Adams failed to appoint all possible members of the Rent Guidelines Board before leaving office, and reality-based member Alex Armlovich resigned on Tuesday (citing a new job), Mamdani was able to bring in five of his own people and reappoint a sixth. It’s reasonable to assume they will consider the data and then vote to do what Mamdani wants: freeze rents.
“I trust they will consider all factors facing the city’s rent-stabilized tenants and come to an appropriate decision,” Mamdani said. announce the agreements.
The mayor conspicuously failed to mention that they are also legally required to take into account the factors they face landlords.
The only “owner representative” he mentioned — Maksim Wynn, who manages the affordable and transitional housing development at Procida Development Group — formerly worked for the Department of Homeless Services and HPD. These are not the favorite agencies of landlords.
But Wynn at least needs to know how RGB’s consistently below-inflation rent increases have put pressure on buildings.
Mamdani booked these appointments with a plan for “rental rip-off” dog and pony shows, a threat to raise property taxes and support for reviving the Community Opportunity to Purchase Act.
COPA would rub salt in the wounds of owners of distressed rental properties by making them wait 105 days to sell to the highest bidder – similar to Mamdani’s attempt to block the sale of the Pinnacle portfolio.
“Our administration looks forward to working closely with the Council member [Sandy] Nurse must reintroduce and pass the legislation,” a spokesperson for Mamdani said AMNY.
What we’re thinking about: A housing lottery mention of the dozens of affordable apartments, Cheskel Schwimmer’s 59-unit project at 554 West 46th Street says: “Pets up to 30 pounds are welcome, no dangerous breeds allowed. Service animals are allowed as an exception.” So if you have a dangerous service animal, it’s not a problem. Send your thoughts on the pet policy to eengquist@therealdeal.com.
Something we learned: In only one of the twenty largest metropolitan areas did homes sell (on average) for more than asking price last quarter: San Francisco. The AI bonanza probably had something to do with that, along with the optimism stoked by the new mayor, Dan Lurie. Lurie spoke to TRD last year for The Closing.
Elsewhere…
Will Islip Town, Nassau County and New York State succeed in developing the land between the Ronkonkoma Long Island Rail Road station and MacArthur Airport? Not if they repeat the intergovernmental power struggle that has kept the Nassau Hub largely empty for years.
“We have a striking example of what not to do in Nassau,” Islip Town Supervisor Angie Carpenter told Newsday. Ed Blumenfeld is one of several developers interested in the transit-oriented site. A mixed-use project would complement the chic new Development of station yardsthat Tritec Real Estate and Olayan Group are building on the other side of the tracks.
Closing time
Residential: The highest housing deal recorded on Thursday was $9.4 million for a 4,888-square-foot mansion with sponsorship sales at 40 East End Avenue in Yorkville. Leighton Candler and Jennifer Reardon with Corcoran did the entry.
Commercial: The best recorded commercial deal was $143 million for a 47,880-square-foot development site at 250 Water Street in the Financial District. The real deal reported on the transaction from Seaport Entertainment Group to Tavros Capital in August.
New on the market: The highest price for a home that came on the market was $20 million for a 2,500-square-foot apartment at 110 Central Park South. James Jeffrey Schoenfeld of Compass did that the entry. The property last traded for $9.6 million in 2007.
Groundbreaking: The largest new building permit submitted was for a proposed five-story school at 2970 Third Avenue in Melrose. De-Jan Lu submitted the permit on behalf of Shimon Kleinman of Borough Developers.
— Matthew Elo
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