NYC real estate saw major headlines this week — from the SEC probing Paramount Group over undisclosed executive payments, to ex–Vornado VP Jared Solomon’s $9M embezzlement case, and fierce competition for downstate casino licenses. Meanwhile, updates emerge on the late Brandon Miller’s portfolio shift to office projects, and Jake Gyllenhaal’s Tribeca apartment sells off-market for $14M.

Manhattan’s luxury housing market hit a late-summer slump, with just nine contracts signed last week for homes priced at $4M or more. Inventory remains tight, raising concerns of a potential deal slowdown despite July’s strong performance. Industry earnings reports show mixed results, with Compass posting big gains, Anywhere holding steady, and Douglas Elliman facing losses.

New York’s upscale supermarket chain Morton Williams is being acquired by Wakefern Food Corp., the nation’s largest retailer-owned cooperative and parent of ShopRite and Fairway Market. Morton Williams operates 17 stores across the city, and the deal expands Wakefern’s footprint in the high-end grocery market.

Snowflake is doubling its office footprint in Downtown Denver, securing an additional floor at 1700 Broadway as part of its global growth strategy. Despite embracing a “headquarterless” model, the tech giant is fueling real estate expansion amid rising AI-driven demand.

1301 Avenue of the Americas, a Class A Midtown Manhattan office tower with over 97% occupancy, has successfully completed a $900 million refinancing. The deal highlights strong lender confidence in top-performing New York office assets amid a selective financing environment.

Smyth Tribeca, the celeb-favorite hotel in Manhattan, has been acquired by Republic Investment and Capstone Equities for $39.8M. The new owners plan a 2026 upgrade to elevate its boutique luxury positioning, tapping Rebel Hotel Company to manage operations. NYC’s hotel market continues to outperform national trends.

TPG has acquired two adjacent office towers on Park Avenue South, marking a major New York investment following a $1.53B real estate deployment in Q2. With $13B in dry powder, TPG sees strong fundamentals in prime NYC submarkets like Gramercy Park, despite industry headwinds.

Double U Development has sold its 56 North 9th Street property in Williamsburg for $66.3M — $15M below asking. The fully leased mixed-use building includes 45 luxury apartments and 27,000 sq. ft. of retail, with Rockpoint and Lincoln Property as the buyers.

A luxury NYC landlord, Milford Entities, fell victim to a $19M phishing scam after cybercriminals impersonated the Battery Park City Authority. The attack, now under federal investigation, highlights growing cybersecurity risks in real estate transactions — especially for high-value properties and automated payments.

Postal Realty Trust is doubling down on post office real estate, owning 7% of all USPS-leased facilities — despite the sharp decline in mail volume. With a 99.5%+ occupancy rate and long-term government-backed leases, the REIT remains confident in the future of postal infrastructure.

Cirrus Real Estate and LCOR have submitted a bid to take over six Pacific Park railyard sites and Brooklyn’s Site 5 near Barclays Center, aiming to revive the stalled megaproject. With Greenland missing deadlines and facing default, the state is now reviewing the new team’s proposal and timeline.

Some NYC tenants are offering to cover $100K in renovations just to secure rare, rent-stabilized leases in prime neighborhoods. While technically illegal, behind-the-scenes deals between landlords and trusted tenants are keeping these units in play.

Brooklyn led NYC’s top property sales on August 5, with Rabsky Group selling a Williamsburg rental building, The Garnett, for $82.5 million to Pacific Urban Investors. Residential highlights included a $24M Billionaires’ Row condo resale and two Park Slope townhouses selling for $6.5M and $4.4M.

Mayor Eric Adams defends small landlords and calls for housing policy reforms, claiming 2019 rent laws worsened NYC's affordability crisis. He urges the real estate industry to support his re-election, warning that his opponent’s policies could harm both housing and the city.

Republic Investment and Capstone Equities have acquired the Smyth Tribeca hotel for $41M, significantly below its 2017 sale price of $72M. The new owners plan a luxury renovation, tapping into Tribeca’s growing demand for upscale hospitality near the Financial District.

The NYC City Council is set to vote on the transformative Midtown South rezoning, which could unlock 9,700 new housing units—nearly 3,000 permanently affordable. If approved, it would mark the first use of R11 and R12 districts and Mandatory Inclusionary Housing in Midtown Manhattan.

After a decade-long legal battle, Soloviev Group has won its forgery case against Great American Health Bar, a longtime tenant at 35 West 57th Street. A judge ruled the deli’s lease extension was based on a forged document, paving the way for potential redevelopment on Billionaires’ Row.

After the tragic shooting at 345 Park Avenue that left four people dead, NYC office buildings are urgently reassessing their security protocols. Landlords and tenants alike are exploring high-tech upgrades and emergency preparedness as tenant safety takes center stage.

A West Village landlord says he’s leaving a rent-stabilized two-bedroom vacant because the economics don’t add up. Renovating the unit would cost over $100K, but under current laws he’d only recoup $30K—and earn a 2% return. With Treasury notes yielding nearly 5%, he sees no financial logic in re-renting.

New York City's rent control policies are under fresh scrutiny following Zohran Mamdani's mayoral primary victory, which focused on freezing rents. Industry leader Kenny Burgos argues rent control discourages new development and worsens housing scarcity, while tenant advocate Cea Weaver defends it as a tool for stability and affordability. The debate highlights the growing political divide over how to address NYC’s affordability crisis.

As Steve Witkoff serves in a diplomatic role in Washington, his son Alex Witkoff now leads the real estate powerhouse Witkoff Group. Known for a low-profile but hands-on leadership style, Alex is steering major developments like One High Line in NYC and the Shore Club in Miami while carefully reshaping the company’s legacy. Industry insiders praise his precision and professionalism, though questions linger about whether he’ll drive bold new ventures or maintain steady stewardship.

As New York nears a decision on awarding three downstate casino licenses, major developers like Related Companies and Soloviev Group are preparing contingency plans in case they lose out. Related has already pivoted from a Hudson Yards casino to a large-scale housing plan, highlighting a trend of using zoning leverage to move forward with real estate development. Others, like Steve Cohen and Silverstein Properties, remain casino-or-nothing, potentially risking years of stagnation on their sites.

The Real Estate Board of New York (REBNY) has appealed to the Second Circuit to block the city’s FARE Act, which prohibits brokers hired by landlords from charging tenants. REBNY argues the law violates the First Amendment and contracts clause, while the city warns a reversal would cause legal chaos and disrupt the rental market.

As illegal single-room occupancy (SRO) units continue to surface despite hefty fines, policymakers are reconsidering whether to punish or legalize them. Advocates argue that regulated SROs could provide much-needed affordable housing and a safer alternative to homeless shelters.

A former compliance chief has accused Flagstar Financial’s ex-CEO Alessandro DiNello of allowing suspicious transactions and retaliating against internal investigations. The lawsuit, filed in federal court, claims the executive blocked anti-money laundering efforts and fostered a toxic culture while the bank was already under pressure following its near-collapse in 2024.

A storied East Hampton estate at 105 Lily Pond Lane has found a buyer in an all-cash deal after being listed for $79.5M. While the final sale price hasn’t been disclosed, the transaction could mark the Hamptons’ most expensive of 2025, surpassing the $70M record set earlier this year. The oceanfront property spans 2.85 acres and includes a neighboring buildable lot.

The Sheraton hotel at 500 Harbor Blvd in Weehawken, NJ is back on the market after its valuation plunged from $128M to $70.8M. Originally backed by an $80M loan in 2015, the property fell into special servicing during the pandemic, with a court-appointed receiver now managing the sale. Despite improved cash flow, bids previously fell short, and the hotel is now expected to sell before year-end.

Flatiron’s retail vacancy rate stands at just 5%, significantly outperforming neighborhoods like Soho and Nolita, where vacancies hover around 10%. The area’s leasing momentum, highlighted by Uniqlo’s 19,250-square-foot deal, has helped drive Manhattan’s retail market recovery. Asking rents are up on key streets, despite lingering headwinds citywide.

Verizon has signed a 19-year lease for over 195,000 square feet at Vornado Realty Trust’s redeveloped Penn 2 tower above Penn Station in Manhattan. The new space will serve as Verizon’s corporate headquarters for around 1,000 employees, with occupancy expected in 2026. This deal marks a significant milestone in Vornado’s $750M Penn District revitalization.

BXP has begun vertical construction on a new trophy office tower at 343 Madison Avenue, directly connected to Grand Central Terminal. The project has already secured a letter of intent from a major, unnamed financial firm as its anchor tenant, signaling ongoing demand for premier office space in New York City.

BXP, one of the nation’s largest office landlords, has raised its outlook for the year after outperforming earnings expectations. The company cites strong corporate confidence and robust leasing activity, particularly in high-end developments like its 725 12th Street project in Washington, D.C., which is now nearly 90% preleased.

Rockwood Capital has refinanced its 44-story office tower at 2 Grand Central with a $262.6 million loan from MetLife. The firm is now looking to sell the 667,000 sq. ft. property for around $270 million — less than half its pre-pandemic target of $580 million.

New York City recorded 157 real estate transactions totaling $237 million on July 29, with the top commercial deal being Epic’s $25.4M sale of its stake in SoHo’s historic Manhattan Brewery Building. The biggest residential deal was a $13.2M full-floor condo at 180 East 88th Street in Carnegie Hill.

City officials have advanced several major housing initiatives in Queens, including a redevelopment of the Flushing Airport site and a rezoning plan for Long Island City that could result in nearly 18,000 new units combined. Additional projects at Creedmoor Psychiatric Center and Willets Point bring the borough closer to its ambitious housing goals.

New York State will begin enforcing its all-electric building mandate at the end of this year, banning fossil fuel systems like gas stoves and heaters in new buildings under seven stories. The mandate, part of the All-Electric Buildings Act, will extend to all new construction by 2028, making New York the first state to enforce such a comprehensive climate policy.

Brookfield has successfully refinanced a $462.3 million loan for its high-profile retail space at 730 Fifth Avenue in Manhattan, also known as The Crown Building. The luxury property features elite tenants such as Bulgari and Chanel, reaffirming Fifth Avenue’s enduring appeal to top-tier global brands.

NYC recorded 235 real estate transactions totaling about $336 million on July 28, 2025. Topping the residential charts was the $18.9M sale of the Frank Lloyd Wright suite at One Central Park South. On the commercial side, two multifamily buildings in East Williamsburg sold for $14.2M.

Cirrus Workforce Housing and LCOR have been chosen to lead the redevelopment of the long-dormant Flushing Airport in Queens. The 80-acre project will deliver 3,000 units of workforce housing, 60 acres of public space, and potentially a new NYPD station. The plan supports Mayor Eric Adams’ broader effort to utilize underused city land to address NYC’s housing crisis.

City Office REIT, a Vancouver-based office landlord, is set to be taken private in a $1.1 billion deal by Elliott Investment Management and Morning Calm Management. The acquisition hinges on the successful $296 million sale of the REIT’s Phoenix office portfolio, expected to close by mid-August. The deal underscores investor confidence in the long-term recovery of Sun Belt office markets.

A spike in commercial mortgage-backed securities (CMBS) is fueling some of the largest deals in New York City real estate. Blackstone and Fisher Brothers secured an $850M CMBS loan for 1345 Sixth Avenue, while Vornado and Stellar landed $675M for Tribeca’s Independence Plaza. In total, CMBS debt issuances reached $59.5B in the first half of 2025 — the highest in over 15 years.

A major mixed-use development site in Mott Haven has sold for $84 million, according to brokers involved in the deal. Located at 355 Exterior Street, the site is currently under construction and set to bring significant residential and commercial space to the South Bronx waterfront. The project was designed by J Frankl Architects.

Real estate startup Esen, founded by former Brookfield Properties executives, plans a $1.5 billion mixed-use development in Jersey City’s waterfront. The project will feature three residential towers totaling approximately 2,000 units, with Tower 1 slated to break ground in summer 2026. Esen’s move further solidifies Jersey City as a hotspot for luxury multifamily development.

Brooklyn townhouses are dominating the borough’s luxury market, with properties in Fort Greene and Greenpoint setting or nearing price records. From January to July 2025, nearly 78% of deals over $5 million in Brooklyn involved townhouses, up from 69% in 2022. New development and pandemic-driven demand have fueled this trend, extending beyond traditional hot spots like Park Slope.

Billionaire Eyal Ofer’s Global Holdings is backing a new luxury residential development in Brooklyn’s Gowanus neighborhood. This marks the company’s first Anagram-branded project outside of Manhattan and the fifth in New York overall. The investment aligns with the ongoing transformation of Gowanus into a high-end residential hub.

Bronx landlord Karan Singh has been hit with a historic $10.14 million fine by NYC’s Housing Preservation and Development department due to severe code violations at Fordham Towers. The 15-story building had over 500 unresolved issues, including heat and hot water outages, pest infestations, and tenant harassment. The ruling marks one of the city’s largest housing court judgments to date.

Brooklyn developer Shimshon Grunstein has filed plans to convert a historic East Harlem church into an 88-unit residential building. The project at 442 East 119th Street involves adding three stories to the existing structure and creating rooftop outdoor space. The church, long vacant and in disrepair, has faced multiple failed redevelopment attempts in recent years.

Community Preservation Corp. has filed a foreclosure suit against Olshan Properties for defaulting on loans tied to two Washington Heights buildings at 385 and 395 Fort Washington Avenue. The borrower hasn’t made payments since Signature Bank collapsed, owing nearly $41 million on the prime and subordinate loans combined.

Law firm Steptoe has signed a 15-year lease for 58,000 square feet at 1133 Sixth Avenue, occupying the top three floors of the Durst Organization's Midtown office tower. The firm is relocating just one block north from Brookfield's 1114 Sixth Avenue, with asking rents ranging between $115 and $120 per square foot.

A historic commercial building at 139 Franklin Street in Tribeca is set to undergo a rare transformation into luxury condominiums. The project marks the neighborhood’s first major residential conversion in recent years, signaling renewed investor confidence in the area’s upscale housing demand.

Rockwood Capital is once again marketing its 667,000-square-foot office tower at 140 East 45th Street, seeking offers upwards of $270 million—down drastically from its $580 million price tag in early 2020. The property, home to firms like Cigna and Nuvo Group, reflects the broader challenges in NYC’s office market.

New York City logged 169 deals totaling $383 million on July 23, with top transactions including a $62M multifamily portfolio sale in Hamilton Heights and Storage Post’s $40M acquisition of two self-storage properties from Sofia Bros. The top residential sale was a $10.2M condo at The Katharine in Greenwich Village, bought by James Stephen Turner III.

New York’s efforts to speed up housing development face two major hurdles: slow permitting processes and the lengthy state environmental review system. Although programs like “Get Stuff Built” and “Green Fast Track” have helped, broader reform will require state legislation — especially to exempt larger affordable projects from exhaustive environmental studies.

A five-story townhouse at 39 South Portland Avenue in Fort Greene sold for $8.75 million in an all-cash deal, setting a neighborhood price record. Despite being unfinished, the property attracted a premium due to its size, location, and potential, with the buyer tied to Amplify CEO Larry Berger.

Silverstein Properties’ 4 World Trade Center is now 97% leased, thanks in part to financial services firm Clear Street doubling its headquarters footprint. Located in Lower Manhattan, the Class A tower continues to attract major tenants in a competitive office market.

A new Class A mixed-use office tower at 125 W. 57th Street on Manhattan’s prestigious Billionaires’ Row has secured its first two tenants. With sweeping views of Central Park, the building is slated for completion by Labor Day, marking a milestone for developers Cain International and Alchemy ABR Investment Partners.

City Council Speaker Adrienne Adams is under fire for opposing proposed City Charter revisions that would fast-track housing approvals in underdeveloped NYC districts. Critics say her objections are more about protecting Council power than actual affordable housing concerns. The reforms aim to curb NIMBYism and accelerate housing production by limiting veto power in anti-housing districts.

Australian-based US Masters Residential Property Fund signed deals for two Brooklyn townhouses, each asking $6 million, leading last week’s luxury contracts. The Park Slope and Boerum Hill homes were part of a $71M total in signed luxury contracts, with Brown Harris Stevens handling both listings.

As other landlords complained about NYC’s new FARE Act, which bans passing broker fees to tenants, the Brodsky Organization used it to their advantage. By doubling broker commissions at their new Gowanus building, 499 President Street, Brodsky sparked a leasing surge — a strategic move that set them apart from the competition.

New York City could address its affordable housing crisis more cost-effectively by rehabilitating tens of thousands of vacant rent-stabilized apartments, rather than building new units at nearly $1 million apiece. Political fear of empowering landlords and legislative limitations have left many of these units offline, despite their immense potential.

The NYC Charter Revision Commission has approved four major land use proposals for the November ballot, including a plan to bypass City Council review for affordable housing in underdeveloped districts. The changes aim to simplify and accelerate housing development but are facing strong opposition from City Council leaders, who call the effort a mayoral power grab. The proposals also include eliminating mayoral vetoes in certain cases and creating a citywide digital zoning map.

The historic Bowery Savings Bank at 130 Bowery was sold for $20 million as part of a bankruptcy proceeding. Originally purchased for $33 million in 2017 by Michael and David Marvisi, the property struggled to sell until this latest transaction, which named Ilya Zavolunov as the buyer.

Turnbridge Equities has acquired a large industrial property at 20-25 130th Street in College Point, Queens, for $20 million. The Manhattan-based developer, which has been actively expanding in New York’s outer boroughs, was designated the stalking horse bidder in the deal.

Manhattan’s office market is experiencing a significant drop in available space, with notable declines in Midtown, Midtown South, and Downtown. Class A properties, especially in Midtown South, have been steadily absorbing vacancies, signaling a broader recovery trend in New York’s office sector.

The Beitel Group has landed a $305 million construction loan from Scale Lending to develop a 755-unit rental project at 355 Exterior Street in Mott Haven, Bronx. The two-building development will include affordable housing, retail space, and extensive luxury amenities, further cementing the neighborhood's transformation.

Maddd Equities has purchased the landmark Bronx General Post Office from Youngwoo & Associates for $44 million—$26 million less than the seller had originally hoped. Despite a $40 million renovation investment, the property's sale fell short of expectations, but new owner Jorge Madruga plans to revitalize the site for community benefit.

President Trump’s potential firing of Federal Reserve Chair Jerome Powell over interest rate disputes is raising alarms across the housing and financial sectors. Experts warn that such a move could shake investor confidence, trigger higher mortgage rates, and push homeownership further out of reach for first-time buyers.

The commercial portion of the Parkchester planned community in the Bronx has seen its valuation plunge from $112 million to $71 million—a 37% decrease—due to rising property taxes and declining occupancy. With net operating income now covering just 38% of annual debt, the property’s owners are seeking new financing or a loan extension.

For the first time since its completion, office space inside the iconic Frank Gehry-designed IAC Building in Manhattan is being offered to outside tenants. IAC has listed two floors of its headquarters, marking a significant shift for the landmark property originally built exclusively for the company’s use.

SL Green Realty reports growing momentum in Manhattan’s office market recovery, with its flagship One Madison tower now 78.1% leased. The resurgence is being driven largely by returning tech tenants, helping SL Green move closer to its 2025 leasing goals.

Even with sky-high rents, New York City continues to attract renters in droves. Over the past 12 months, apartment demand has surged—particularly in sought-after neighborhoods like Williamsburg—highlighting the city’s enduring appeal despite affordability concerns.

A luxury penthouse at 111 Murray Street in Tribeca has finally sold for $28.1 million—$17 million below its original asking price. The 7,500 sq. ft. unit closed after nearly a decade on the market, reflecting shifting dynamics in the Manhattan ultra-luxury sector.

Bank Hapoalim has acquired two development sites at 140-142 Fulton Street in Manhattan’s Financial District for $36.9 million following a foreclosure against Hidrock Properties. The transfer follows a legal battle over a $32.8 million loan default tied to a stalled hotel project.

CIM Group and Osiris Ventures have acquired a 40-unit mixed-use property at 190 Berry Street in Williamsburg for $55.7 million out of bankruptcy. The seller, LENY Group, defaulted on a $70 million mortgage and was unable to restructure the debt despite two Chapter 11 filings.

Tech firm Sigma Computing has signed a 64,000-square-foot lease at One Madison Avenue, bringing the building’s occupancy to 78%. The $115-per-square-foot deal marks Sigma’s expansion from its previous NYC office at Zero Irving.

A massive affordable housing development has officially broken ground in East New York, Brooklyn. The first phase of the Innovative Urban Village will ultimately deliver 2,000 affordable apartments across 10 new buildings.

New York City’s hotel sector is outperforming national averages across key metrics, including occupancy and revenue per available room, despite concerns over foreign tourism. In the first half of 2025, occupancy averaged 82%, and RevPAR hit $238.93 per night — more than double the U.S. average.

Convene is opening a new event and flexible workspace venue at 555 Broadway in Manhattan’s SoHo, known as the Scholastic Building. The upscale hospitality-driven office provider continues to grow its New York City footprint amid evolving demand for high-end meeting and collaboration spaces.

Bally’s $4 billion proposal to build a massive casino and hotel resort on its Bronx golf course site has been dealt a major blow after the New York City Council voted against the necessary zoning change. The decision likely eliminates Bally’s from the race for one of three coveted downstate casino licenses.

Landlords across the U.S. are being served administrative subpoenas by immigration authorities requesting detailed tenant information — including leases, applications, and IDs — in a move seen as part of a broader deportation effort. Legal experts warn that these judge-less subpoenas may not be enforceable and could expose landlords to liability under housing laws.

Empire State Realty Trust, the company behind the iconic Empire State Building, has appointed George Malkin, son of CEO Anthony Malkin, to its board of directors. The move underscores the Malkin family’s longstanding influence in New York City real estate and signals a continuation of legacy leadership at the firm.

Developer Harry Macklowe tried to list his luxury units on the 78th floor of 432 Park Avenue for $75 million — after losing them in foreclosure. CIM Group, the tower’s lender and sponsor, now controls the units following Macklowe’s default on $46M in loans.

After years of political delays and controversy, the City Council has approved Bruce Teitelbaum’s One45 development in Harlem. The project will deliver 1,000 housing units — including 338 permanently affordable and one building entirely for affordable senior housing — at West 145th Street and Lenox Avenue.

Standalone home sales in Brooklyn, including brownstones and mansions, fell 12% in Q2 compared to the previous quarter, totaling over $1.6 billion across 1,089 deals. While sales volume dipped, prices stayed strong with a median of $1.37M and price per square foot rising to $760.

On July 14, New York City recorded 224 real estate transactions totaling approximately $337 million. Top residential sales included $5M deals in West Village and Dumbo, while the leading commercial deals featured a $31M warehouse sale by UPS and a North Williamsburg retail portfolio transfer.

July 14, 2025

Cherre has launched Agent.STUDIO, an AI-powered platform built to help real estate professionals automate complex workflows using integrated and secure data. Designed specifically for the industry's fragmented infrastructure, it allows users to build customized AI agents with full model flexibility and enterprise-grade support.

July 14, 2025

The recent Democratic primary win by Zohran Mamdani, a democratic socialist, has caused ripples across New York City’s luxury real estate market. High-end buyers are pausing purchases and some affluent residents are exploring moves to states like Florida, driven by concerns over proposed policies like increased millionaire taxes and rent freezes.

July 14, 2025

The Hamptons are once again buzzing with New York’s elite, but this year, it's not just the parties making waves—pets are shaking up rental dynamics, and big real estate names are opening new ventures. Business owners like Marc Rowan and Mary Lou’s hospitality team are making strategic summer moves, while landlords navigate the growing challenges of pet-friendly leases.

July 14, 2025

Vornado Realty Trust has obtained a $450 million refinancing loan for its Penn 11 property in Manhattan, a building anchored by tech giant Apple. The high-profile asset is strategically located across from Penn Station, further underscoring its long-term value.

July 14, 2025

A joint venture including residential developer Fetner has acquired a newly built apartment property at 240 Willoughby Street in Fort Greene, Brooklyn, for $209.5 million. The purchase comes amid record-high asking rents in the area, reflecting strong investor interest in the Brooklyn multifamily market.

July 11, 2025

Blackstone is seeking to sell The Shops at Skyview in Flushing for an estimated $450 million, potentially marking one of the largest retail deals in the U.S. since the pandemic. The shopping center is a major draw in Queens, and a sale at that price would signal renewed investor interest in high-traffic retail assets.

July 11, 2025

Isaac and Edward Gindi, tied to the Century 21 retail family, face a $26.7M foreclosure suit over the long-vacant Astor Place Starbucks. Rialto Capital alleges the Gindis failed to make a $1.5M payment after Starbucks exited, along with unpaid condo charges and missing financial documents. The Gindis deny wrongdoing and claim the suit is factually inaccurate.

July 11, 2025

Rabsky Group has sold its 463-unit multifamily project at 240 Willoughby Street in Fort Greene, Brooklyn, for $209.5 million to a joint venture of Fetner Properties, MCB Real Estate, and Farallon Capital. The deal included the ground lease and was backed by a $141.5 million loan from M&T Realty Capital. Leasing launched around Memorial Day, with about 25% of units now leased—147 of which are affordable.

July 11, 2025

The Hamptons residential market recorded a 15% increase in home sales in Q2 2025, with over 420 deals closed. Sales over $5 million rose significantly, while prices remained steady at just under $1.9 million. Big-name deals included Bethenny Frankel’s Bridgehampton sale and Michael Bloomberg’s $4M waterfront buy for his daughter.

July 11, 2025

On July 10, 2025, New York City recorded 180 property deals totaling $409 million. The top residential transaction was a $15 million sponsor unit sale at Central Park Tower, while the biggest commercial deal involved five Bronx apartment buildings sold for $32.3 million. Other notable deals included co-ops and condos across Manhattan and industrial assets in Long Island City and Far Rockaway.

July 10, 2025

Manhattan’s median rent climbed to a record $4,625 in June — the fifth consecutive month of record highs — driven by surging demand and limited inventory. A new factor pushing prices higher is the FARE Act, which shifts broker fees from renters to landlords, who are passing the cost along through increased rents.

July 10, 2025

GFP Real Estate has filed plans to convert 40 Exchange Place, a 240,000-square-foot office building in Manhattan’s Financial District, into a mixed-use development with 382 residential units and ground-floor retail. The historic 20-story tower, dating back to 1896, has seen recent financing activity and joins a growing trend of office-to-resi conversions in the area.

July 10, 2025

A Manhattan co-op once owned by film legend Paul Newman and his wife Joanne Woodward has sold for $14 million—$4 million over asking. Located at 1120 Fifth Avenue, the one-bedroom Carnegie Hill unit drew a bidding war, with over 50 showings and nearly a dozen offers within weeks of listing.

July 10, 2025

New York City saw 270 property transactions on July 9, totaling $363 million in sales volume. The top residential deal was an $11.5M Tribeca condo sold by Ryan Wilder, while the leading commercial sale was a $18.5M industrial building in Long Island City. Notable trades also occurred in Gramercy Park, West Village, Williamsburg, Sunnyside, and Park Slope.

July 10, 2025

Foreign investment in New York City’s residential real estate is on the rise again, with international buyer volume doubling in the first half of 2025 compared to last year. Developers are seeing renewed interest from Asian investors, particularly Chinese buyers looking to move capital amid domestic economic downturns.

July 9, 2025

U.K.-based engineering and consulting firm Mott MacDonald has signed a full-floor lease at the Empire State Building, expanding its Manhattan office footprint. The firm will retain its existing New York location while adding space in the iconic Midtown tower, owned by Empire State Realty Trust.

July 9, 2025

Retail store closures in the U.S. are accelerating, with nearly 6,000 announced by mid-2025—more than 65% higher than the same period last year, according to Coresight Research. Driven largely by bankruptcies from chains like Rite Aid and Forever 21, the closures total 123.7 million square feet, outpacing new openings and pointing to major churn in the retail real estate sector.

July 9, 2025

WeWork has signed its first new lease in New York City since 2019, taking 60,000 square feet across five floors at 250 Broadway. The lease marks a symbolic step in the coworking company’s post-bankruptcy rebound, with CEO John Santora calling NYC a "critical launchpad" for strategic growth. The space is expected to open by year-end, featuring typical WeWork amenities and flexible office options.

July 9, 2025

An analysis from The Real Deal critiques NYC mayoral candidate Zohran Mamdani’s rent freeze and $100B public housing proposal as economically unrealistic. Economist Isabella Weber defends the plan, but critics argue it ignores real-world constraints like union construction costs, state borrowing limits, and a city history of slow public housing development. The article concludes that Mamdani's housing rhetoric may win votes, but won’t solve affordability.

July 9, 2025

CIM Group is reportedly close to selling the Dominick Hotel in SoHo to Cain International for over $175 million. The 391-key luxury property, once known as the Trump Soho Hotel, has been under CIM’s ownership since a 2014 foreclosure. Cain is expected to reposition the asset as part of its expanding luxury real estate portfolio.

July 9, 2025

FSA Capital has secured $89 million in financing from Ponce Bank and others for its 14-story, mixed-use development at 133-09 37th Avenue in Flushing, Queens. The project will include 99 condos, commercial space—65% of which is already pre-leased—and 311 parking spaces, with completion expected in summer 2027. This marks another major step for the firm following its work on the record-setting Skyline Tower.

July 8, 2025

Since the Helmsley Building went into foreclosure last December, its vacancy rate has more than doubled to 44%, according to a new report. The iconic Midtown property has been struggling to retain tenants amid growing financial and market pressures.

July 8, 2025

Miami-based digital mortgage platform Waltz has secured an additional $25M in funding, bringing its total to $50M, to expand loan access for foreign nationals investing in U.S. real estate. With over $300M in loans funded since launching in mid-2024, Waltz now aims to support up to $1B in volume, focusing on buyers from Latin America through a multilingual digital platform.

July 8, 2025

Roughly 7.5 million U.S. homeowners who bought homes with rates above 6.5% since 2022 are now stuck as mortgage rates linger above 6.6%. Hopes of refinancing have faded, and some are now facing payment shocks as temporary buydowns expire. Economists say foreclosures are unlikely, but homeowners in softening markets like Texas and Florida may struggle to refinance at all.

July 8, 2025

 Tishman Speyer has refinanced its fully leased Midtown tower at 300 Park Avenue with a $385M package led by JPMorgan, Deutsche Bank, Morgan Stanley, and Macquarie. The deal pays off a maturing $485M loan that had gone into special servicing. Tishman also contributed $111M in equity, signaling confidence in Midtown’s office rebound.

July 8, 2025

The FARE Act, which shifted broker fees from tenants to landlords, is driving up rents even in high-end apartments. MNS CEO Andrew Barrocas says some luxury units jumped from $10K to $15K per month as landlords pass on the added cost. Listings have dropped 35% while Manhattan’s median asking rent surged 16% since the law took effect.

July 8, 2025

Charles Cohen’s 750 Lexington Avenue is heading into foreclosure after a special servicer won a summary judgment on a $130M loan. The building’s valuation has plummeted by 83% since 2015, and net operating income has dropped 74%, reflecting wider distress in Cohen’s commercial portfolio.

July 8, 2025

A new federal policy bill expands access to low-income housing tax credits, potentially financing over a million rental units, including 73,500 in New York. However, President Trump’s proposed $33 billion cut to HUD could slash rental assistance and deeply impact programs like Section 8, raising concerns about future federal housing support.

July 7, 2025

Luxury condo deals in Manhattan soared in Q2 2025, with transactions of $10 million+ units jumping 67% year-over-year, driven by confidence among ultra-wealthy buyers. Compass reported record-high all-cash sales, with top deals including a $46.9M penthouse at 111 West 57th Street and significant activity at Central Park Tower.

July 7, 2025

A new 55-unit affordable housing project in Queens will cost $936,000 per unit—far exceeding the $500,000 per-unit promise made by likely mayor Zohran Mamdani. While Elmcor’s development includes community services and isn’t using union labor, costs still raise doubts about the feasibility of Mamdani’s ambitious social housing plan.

July 7, 2025

New York City recorded 289 property deals totaling $505 million on July 3, with the top residential sale being a $13.1M condo at One High Line in Chelsea. Other notable transactions included a $9.6M bulk apartment sale in Borough Park and a $37M retail space purchase in SoHo. The market also saw strong activity in Lincoln Square and Carnegie Hill, while retail vacancy in Noho and Nolita remains high at 9.2%.

July 7, 2025

NYC’s Rent Guidelines Board approved modest increases of 3% for one-year and 4.5% for two-year leases in rent-stabilized apartments, drawing criticism from both landlords and tenants. Meanwhile, Manhattan’s office leasing slowed in Q2, and nonprofit CPC is working to stabilize a $5.8B portfolio of distressed rent-regulated properties tied to Signature Bank debt. Real estate attorney Mark Nussbaum also faces legal and financial pressure as his firms seek relief through an Assignment for the Benefit of Creditors.

July 7, 2025

Multifamily landlord Steve Croman is facing six foreclosure suits on Manhattan properties after allegedly failing to pay insurance and water bills. Capital One, which loaned $30.9M across six mortgages tied to the buildings, claims $23.9M remains unpaid. The lawsuits mark the latest chapter in Croman’s long history of legal and financial troubles in NYC real estate.

July 3, 2025

While the broader stock market hit record highs in Q2, REITs underperformed, with the FTSE Nareit All REIT Index down 1% for the quarter. Rising interest rates, inflation concerns, and tariff-related uncertainty have pushed investors toward sectors with better growth or yield potential. Defensive REIT sectors like cell towers and healthcare outperformed, while cyclical ones such as hotels and offices continued to lag.

July 3, 2025

RoundSquare Development and VM Properties secured a $26.2M loan from Urban Standard Capital to build a classical-style, 11-story luxury condo at 227 West 19th Street in Chelsea. The project, featuring just eight bespoke residences, reflects rising demand for smaller high-end developments in Manhattan. Private lenders like Urban Standard are increasingly filling the financing gap for boutique projects as traditional banks pull back.