New York - The Real Deal

Partnership for New York City’s Kathryn Wylde set to retire

TRD Staff — Thu, 22 May 2025 21:29:22 +0000

Longtime Partnership for New York City leader Kathryn Wylde is ready to sail off into the sunset. Wylde will step down as the chief executive officer of the consortium next year, the New York Times reported. The 78-year-old plans to help the organization pick its next leader. In discussing her pending retirement, Wylde said it […]

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Joel Wiener’s Pinnacle Group places 5K units in bankruptcy

TRD Staff — Thu, 22 May 2025 21:17:28 +0000

A game of chess is afoot as Joel Wiener’s Pinnacle Group tries to withstand a foreclosure effort from its lender. Wiener filed petitions for bankruptcy protection across 82 entities, PincusCo reported. The entities control 91 properties and roughly 5,000 multifamily units, sporting an original debt principle of $574.4 million. Wiener is aiming to consolidate the […]

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Court of Appeals tosses Local Law 97 challenge

Kathryn Brenzel — Thu, 22 May 2025 21:00:00 +0000

The state’s highest court on Thursday threw out a group of building owners’ legal challenge to New York City’s carbon emission law. The Court of Appeals found that the state’s climate law does not preempt the city’s Local Law 97, which requires greenhouse gas emissions to be cut by 40 percent by 2030 and 80 […]

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Watchdog warns of rent-stabilized “maintenance death spiral”

Suzannah Cavanaugh — Thu, 22 May 2025 19:05:34 +0000

The nonprofit watchdog Citizens Budget Commission has joined the rising chorus of industry observers — and now independent researchers — calling on the city to step in and address the growing distress afflicting rent-stabilized housing. Unlike NYU’s Furman Center, which sent up flares last month but did not propose specific solutions, CBC singled out the entity […]

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Lenders dole out big bucks for luxury resi projects

Elizabeth Cryan, Matthew Elo — Thu, 22 May 2025 17:08:45 +0000

A giant LED billboard, along with several surrounding retail properties, landed the city’s largest loan in April, providing a $407 million cash infusion to Steven Roth’s real estate investment trust. But lenders pumped the most cash into residential projects, providing a shot in the arm for several long-stalled developments, including Fortress Investment Group’s 125 Greenwich […]

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Empire Capital continues buying spree with $130M Midtown South deal

Rich Bockmann — Thu, 22 May 2025 16:28:51 +0000

Josh Rahmani and Ebi Khalil continue their office buying spree. The investors’ Empire Capital is in contract to buy a pair of Midtown South buildings for $130 million, sources told The Real Deal. Empire, which has been snapping up discounted office buildings in recent years, is buying 381 and 373 Park Avenue South from the […]

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Condé Nast nears 200K sf sublease at 1 WTC

TRD Staff — Thu, 22 May 2025 14:38:40 +0000

Condé Nast has spent years trying to sublease its massive footprint at 1 World Trade Center. It may be getting a big assist courtesy of a renovation taking place at another property. Bank of New York Mellon is in talks to sublease 200,000 square feet from the publisher at the Financial District tower, the Commercial […]

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NYC’s top deals: A trio of Chinatown buildings traded for $33M

Mary Diduch — Thu, 22 May 2025 12:00:00 +0000

In New York City today, there were about 188 deals recorded, totaling about $280.2 million. 🏆Residential: The top residential deal recorded today was for an $18 million condominium unit, purchased by a trust, at 111 West 57th Street, along Billionaires’ Row. The full-floor sponsor unit spans 3,873 square feet, and the deal works out to […]

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The Daily Dirt: Landlords open books, but pols’ minds will stay closed

Erik Engquist — Thu, 22 May 2025 11:30:00 +0000

An excellent article broke down how the 2019 rent reform, combined with rising expenses, sent the finances of two rent-stabilized portfolios into a downward spiral. It was also clear that they are not the only ones suffering, as all Daily Dirt readers know. So many thoughts came rushing to my head as I read the […]

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Manhattan DA charges dealmaker Mark Nussbaum with grand larceny

Keith Larsen — Wed, 21 May 2025 20:38:08 +0000

Mark Nussbaum, once a top attorney for Lakewood and Brooklyn machers, was arraigned Wednesday in Manhattan. The Manhattan District Attorney’s office alleged Nussbaum stole over $15 million that was supposed to be held in escrow accounts from two victims between September 2024 and March 2025. Nussbaum was arrested on Wednesday morning. Nussbaum arrived at New […]

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