1. Mamdani skipped, but his team showed up
Mayor Zohran Mamdani was the headliner who never arrived. REBNY invited the mayor to his annual gala at the Waldorf Astoria New York, but he declined and continued a chilly relationship with the trade group he once elected as an Assembly member.
Yet the absence was not total. Deputy Mayor for Housing and Spatial Planning Leila Bozorg and Commissioner for Buildings Ahmed Tigani were both present and indicated that City Hall is not outright boycotting the industry, even if the mayor himself is unwilling to clink glasses. REBNY President Jim Whelan described their presence as a bridge and said the group looked forward to hosting Mamdani in the future.
2. Hochul leaned hard into her role as an Albany real estate ally
Governor Kathy Hochul took the stage again and used the gala to reinforce her pitch as a pro-development partner.
She pledged to continue working with industry to break down ‘barriers’ to construction, with environmental reform at the heart of her State of the State agenda. She further complained about the red tape that sends projects ‘through hell and back’.
With a re-election campaign underway, the message was clear: Albany wants builders on its side, at least for now.
3. The gala also served as a political temperature check
The guest list underscored the event’s role as a barometer of real estate reputation at City Hall and beyond.
Elected officials spotted included Attorney General Letitia James, Comptroller Mark Levine, Council President Julie Menin and a long list of city and state lawmakers. Nassau County Executive Bruce Blakeman, a Republican challenger to Hochul, also made the rounds.
The mix suggested that the sector remains politically relevant, even as it faces a more skeptical city council.
4. Symbolism was as important as speeches
Held at the landmark Waldorf Astoria, fresh off a $2 billion apartment renovation, the event was a reminder of what the industry can accomplish. But Mamdani’s empty chair loomed large.
Michael Hershman of the Soloviev Group called it a “missed opportunity,” reflecting the broader hope that dialogue, not distance, will shape the next chapter between New York’s developers and the new mayor.
Here are the other headlines that appeared in New York City real estate news this week.
German investor asks $400 million for FiDi’s 140 Broadway
Union Investment is selling 140 Broadway, a 1.2 million-square-foot office tower in the Financial District, for an asking price of nearly $400 million.
The 51-story skyscraper is 73 percent leased. Brown Brothers Harriman is the anchor tenant and occupies approximately 190,000 square feet; Union Investment has spent $160 million on building improvements over the past decade.
Charles Cohen’s 750 Lex auctioned, returns to the lender
The office tower at 750 Lexington Avenue was auctioned off, but was returned to the lender after no bids were received at a reserve price of more than $161 million.
The property’s valuation plummeted from $300 million in 2015 to a recent appraisal of $41 million as financial problems, including the exit or renegotiations of major tenants like Zara and WeWork, caused occupancy rates to decline, leading to a market sell-off.
Lily Allen and David Harbor are looking for a buyer for the Carroll Gardens mansion after their split
Former celebrity couple Lily Allen and David Harbor found a buyer for their brownstone at 381 Union Street in Carroll Gardens, which was listed after Allen released an album detailing the destruction of their relationship.
The mansion’s latest asking price was $7.3 million, down from its original sales price of nearly $8 million in October. Allen and Harbor purchased the late 19th-century brownstone, which includes five bedrooms, three bathrooms, a finished basement gym and a private backyard with sauna and cold plunge, for $3.4 million in 2021.
Summit’s deal with Pinnacle, in numbers
Last week, Summit Properties won the battle to buy a portfolio of thousands of New York apartments from Pinnacle Group. Pinnacle put its collection of mostly rent-stabilized units into bankruptcy and held an auction for a buyer. Mayor Zohran Mamdani and groups of tenants tried in vain to stop the sale.
Court documents and revelations At the Tel Aviv Stock Exchange Summit, the figures behind the deal were detailed.
Developers in New York are going small
Resi reporter Jake Indursky dug into Manhattan’s new development market, which is shifting from large-scale towers to smaller, “boutique” buildings (fewer than 40 units), which accounted for 32 percent of units brought to market over the past three years. That is an increase compared to the previous 14 percent.
This shift is driven by developers facing a lack of available land and risk-averse capital, making smaller projects more financially viable, selling out more quickly and less sensitive to the long-term carrying costs of high-volume new construction projects.
Buyers, meanwhile, are increasingly willing to spend top dollar on boutique projects, embracing benefits like greater privacy and customization over the high-rise views and lavish amenities of larger buildings.
Read more
At the REBNY gala, Mamdani skips, while Hochul promises to continue as an ally of the industry
German investor asks $400 million for FiDi’s 140 Broadway
Charles Cohen’s 750 Lex auctioned, returns to the lender
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