NYC Real Estate & Business NYC

August 25, 2025 / NYC Real Estate & Business NYC / NYC Neighborhoods & NYC History / Gotham Buzz.

This section is dedicated to reporting on NYC real estate and developments, NYC small businesses and small business loans, and financing on Gotham Buzz NYC.

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1. The reports at the top of this section will contain recent reports on current real estate issues or previously produced reports that are still relevant to current real estate issues in NYC.

2. The rest of this section will contain real estate related reports done previously, organized as follows: 1) NYC & Real Estate, 2) NYC Neighborhoods Real Estate, 3) Economy, Finance & Loans; and 4) links to a few of our Special Reports Series, wherein oftentimes real estate seems to play a role in some fashion.

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Stats & Facts Missing in the City of Yes Proposal

Have Mayor Adams & Daniel Garodnick been Selling Us 108,000 Units of Hooey?

October 24, 2024 / NYC Government & Politics / NYC Real Estate & Business / News & Analysis / Gotham Buzz NYC.

Adams Administration Fails to Provide Straight Answers Two Very Specific & Very Basic Questions - 1) How Many Affordable Housing Units Guaranteed by Passage of this Legislation & 2) a) What Size Units, b) at What 'Affordable' Price and c) in What Borough?

What 'Affordable' Housing Guarantees? It is being sold as a cure-all for NYC's housing crisis, yet when I asked the Adams Administration Department of Planning how many units of affordable housing would we be guaranteed by passage of this legislation, the answer that came back to me was a long-winded form of 'none'.

I'll say this again - No 'affordable' housing units are guaranteed by passage of the City of Yes legislation.

What Size Apartment, at What Price & in What Borough? When I asked the Adams Administration's Department of City Planning to provide me with details of how many units of affordable housing would be built, at what 'affordable' price, for what size apartment, and in what borough - I again received another round-about answer via a link they sent me, to one of their selling pitches on a website, where I found no specifics related to the question above.

Let me say this again - No description of what sized units, at what 'affordable' price and in what borough. I found this hard to believe, since for the past year Mayor Adams and Daniel Garodnick of the Department of City Planning have been publicly selling this legislation, by promising it will result in over 108,000 new units of 'affordable' housing being built.

My papa once told me, "No proof. No sale."

Or as the 1980's Reagan commercial asked, "where's the beef?". In this case 'beef' = 'affordable housing'.

Public Park Land Grab?

Billionaire Looking to Privatize Queens Parkland?

Bill Pending in Albany Would Enable it

May 10, 2023 / Queens Neighborhoods / Queens Real Estate / News Analysis & Opinion / Queens Buzz.

NYS Assemblymember Jeffrion Aubrey has sponsored a bill to allow a billionaire to build a casino on Queens parkland.  Why can't the billionaire buy his own land to build the casino?  And why has Aubrey supported this public park land grab?

Click here to read the OpEd by the President of a local non-profit explaining the situation - scroll down to May 9, 2023. Billionaire Steve Cohen appears to be making bid to essentially privatize Flushing Meadows Corona Park in Queens.

• CLICK here to directly to the OpEd on Billionaire Steve Cohen Mets Owner Making a Public Park Land Grab with the help of Jeffrion Aubrey?

NYC Landlord Harassments Continue

NYCCM Helen Rosenthal Hosts Housing Clinic to Inform Renters of Their Rights

May 29, 2018 / Upper West Side Neighborhood / Manhattan Real Estate / Manhattan Neighborhoods / Manhattan Buzz NYC.

MB - S.

On Wednesday, May 25th I went to the Goddard Riverside Community Center on Columbus Avenue at 88th Street to attend a housing clinic designed to inform renters of their rights.

***The following introduction is based on prior research done by me, and was not information provided at the housing clinic. I'll let you know when I segue out of my preamble and into the housing clinic.***

Over the past decade landlords appear to have become increasingly aggressive in trying to wriggle out of NYC and NYS rent stabilization regulations, that govern the rental payments under which about two million New Yorkers live.

It is my understanding that the government contributed land and / or financing to build or repair the buildings governed by NYC / NYS rent stabilization laws in exchange for the pricing rights on rent stabilized units. Many of the new landlords who have acquired rent stablized buildings, may possibly be in violation of approaching their business contract(s) in good faith, as the definition of good faith according to Wikipedia is:

"In contract law, the implied covenant of good faith and fair dealing is a general presumption that the parties to a contract will deal with each other honestly, fairly, and in good faith, so as to not destroy the right of the other party or parties to receive the benefits of the contract. It is implied in every contract in order to reinforce the express covenants or promises of the contract. A lawsuit (or a cause of action) based upon the breach of the covenant may arise when one party to the contract attempts to claim the benefit of a technical excuse for breaching the contract, or when he or she uses specific contractual terms in isolation in order to refuse to perform his or her contractual obligations, despite the general circumstances and understandings between the parties. When a court or triar or fact interprets a contract, there is always an "implied covenant of good faith and fair dealing" in every written agreement."

What is at stake, throughout the city, is literally hundreds of millions and more likely billions of dollars in - rental benefits or rental income streams - depending on which side of the struggle you're on. The landlords appear to be trying - using the torturtous side effects of construction including noise, health risk dust [inhalation], privacy loss and apartment functional loss - to wrest away the billions of dollars of rental pricing rights benefits from tenants to be pocketed by the landlords themselves. Given the high dollar value of what's at stake - including people's homes - this seems like attempted grand larceny, especially in cases where landlords are breaking the law to achieve their goals.

This will be continued at a later date. Including the segue into the information provided by the Housing Clinic to inform tenants of their rights.

Tenants' Rights March & Rally - June 14th Midtown at 4.30 pm

P.S. There's a March & Rally scheduled for June 14th, beginning at 4.30 pm, at the NY Public Library at 5th Avenue and 40th Street. They plan to march to Governor Cuomo's office at 3rd Avenue and East 41st Street. For details contact info@realrentreform.org or call 212.979.6958. All but one of the No IDC NY senatorial candidates have been invited to participate, and there's a possibility that NYS gubernatorial candidate Cynthia Nixon will be there too - as this seems to coincide with her reasons for challenging Governor Cuomo.

Update: LaGuardia Airport Development Project

First Phase Moving Along with Second & Third Phases About to Begin

April 24, 2017 / Astoria Neighborhood / Queens Real Estate / Gotham Buzz NYC.

I attended a Community Board One meeting at the Astoria World Manor on Wednesday, April 19th. People representing the LaGuardia Airport development project were scheduled to provide the community with an update regarding several of the multi-billion dollar renovation projects associated with LaGuardia Airport, that are either currently in the works or nearing the end of the planning process.

The presentation was split into three parts: 1) LaGuardia Airport development project construction updates, 2) traffic mitigation efforts and 3) community outreach including job opportunities related to the projects.

Click here to read our report on the LaGuardia Airport development project & expansion, related job opportunities, its possible impact on travel times to the airport and the public hearing details on May 3rd, 2017 in Flushing. We have also included a small bit of history about the airport and the fight over the property and development in Flushing Meadows Corona Park. The graphic at right was created as part of the LaGuardia Airport development project.

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Superscraper Forum

CCM Ben Kallos Hosts Superscraper Zoning Forum

July 23, 2015 / Manhattan / NYC Real Estate / Gotham Buzz NYC.

I attended a 'Superscraper Forum' hosted by NYC Councilmember Ben Kallos of the Upper East Side neighborhood on a comfortable Thursday evening at the Lenox Hill Neighborhood House. It was to begin at 6.30 pm and 250 people had reserved seats for an auditorium that held 140 seats and had space for about 40 standing.

To be sure the auditorium was full when I arrived and I caught only the tail end of what the first speaker had to say. There were over a half dozen speakers, including NYC Councilmember Ben Kallos who organized the meeting which was attended by Manhattan Borough President Gale Brewer who arrived near the end of it.

The other speakers included the first speaker who was from the NYC Department of Housing & Planning, who I missed, as well as the following: Emma Marconi Bologna of Civitas NYC, Tara Kelly of the Friends of the Upper East Side, Margaret Newman of the Municipal Art Society, and three other people whose names and associations I did not catch. One may have been an architect, one may have been a representative of the East 50's Association which is a group dedicated to reining in Superscrapers, and there might have been one from the Sutton Area Community neighborhood association.

Click here to read the rest of our report about NYC Zoning Laws: Superscraper Zoning for the Upper East Side & Sutton Place.

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Sterling Equities & Related Companies Lose A Court Battle

Plans to Build Shopping Mall on Flushing Meadows Corona Park Land Reversed on Appeal, but Legal Wrangling will Continue

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">July 6, 2015 / Flushing Neighborhood / Queens Real Estate / News Analysis & Opinion / Gotham Buzz NYC.

This report is based on an Associated Press report dated July 2, 2015 and a Queens Tribune story dated August 28, 2014.

In August of 2014, New York State Supreme Court Judge Manuel Mendez decided in favor of Related Companies / Sterling Equities by throwing out a lawsuit filed by the City Club of New York and NYS Senator Tony Avella.

The plaintiffs alleged that billionaire Stephen Ross's Related Companies, the real estate developers of Hunters Point South and the Hudson Yards, and the Sterling Equities which was co-founded by the NY Mets owners, mega-millionaires Saul B. Katz and Fred Wilpon, had not gone through the NYS legislature for the approval of the transfer of the parkland as required by law.

The lawsuit, filed in February 2014, alleged that the transfer of 47 acres of Flushing Meadows Corona Park land that currently represents the western part of the Mets parking lot, was done without following the procedure for a proper public review [see photo above right]. The City had proposed transferring the 47 acres to Related Companies / Sterling Equities who had planned to build a 1.4 million square foot shopping mall next to Citifield.

The NY City Council and the billionaire former Mayor Bloomberg approved the project in October 2013, but the proposal never went to Albany for a vote. According to the Queens Tribune report one of the plaintiffs said that the Judge Manuel Mendez's ruling goes against the Public Trust Doctrine, ignores longstanding case law history, and bestows too much power that was formerly the purview of the Board of Estimate in one person: the NYC Mayor.

On Thursday, July 2nd, 2015, the four-judge Appellate Court overturned Judge Mendez's decision and ruled that the Willets West Mall Project was illegal because the land is a part of Flushing Meadows Corona Park, in spite of its current paved over status as a parking lot [see 2009 photo above].

And because it is a part of the public parkland of the people, it may not be turned over to the real estate developers without approval of the NY State Legislature. The judges rejected the ruling in favor of the mall development made by Judge Manuel Mendez, wherein Mendez sided with the wealthy real estate developers who argued that the 54 year old, 1961 law authorizing the construction of Shea Stadium, also included a mall.

The photo above shows the Citifield parking lot in 2009, as it was being paved over following the demolition of Shea Stadium which was authorized in 1961. The new Citifield stadium built to replace Shea, is smaller.

According to the Associated Press report, a spokesman for the real estate developers said that they would appeal the decision.

Click here for the full report on Sterling Equities Saul Katz Fred Wilpon / Related Companies Stephen Ross lose court battle over Flushing Meadows Corona Park development in Flushing Queens.

The LIC Summit 2024

Photos and Clean Up to Follow

October 8, 2024 / LIC Neighborhood / Queens Real Estate & Business / Queens Buzz.

A. Prelude to Attending the LIC Summit 2024

It was a beautiful, sunny, dry day as I walked over to the Museum of the Moving Image in LIC / Astoria.  I arrived around 11 am to attend part of the second half of the LIC Summit, which is a real estate and business conference which examines in depth, an LIC centric world, but also mindful of the surrounding environment.

After I made my way through a flawless check-in, I found my way into the theater and sat down to listen in on the panel providing a Long Island City real estate update.  These panels are structured such that the moderator serves up a number of questions to the panelists for comment, which is then followed by audience questions, which sometimes are the best, because they are asked by people like you and me, who have lived and worked in the area for a long while and witnessed and have adjusted to the huge changes that have occurred in Long Island City over the past couple of decades.

I.  First Panel - LIC Residential Real Estate Update

This panel included Patricia Dunphy of SVP of Rockrose Development, Eric Benaim CEO / Founder of Modern Space, Dan Mogolesko SVP of the Durst Organization, Peter Papamichael Principal of the VOREA Group and Crystal Xu Director of Business Development United Construction & Development Group.

As I came in at the end of the panel presentation, I only caught the Q&A portion of the program, which follows.

A performance theater / school owner pondered aloud whether the developers were still interested in involving and supporting the arts and culture scene in Long Island City.  At the turn of the century LIC was well known as a thriving artists community, as it offered very competitive rents and good access to mass transit.  In the near quarter century since then many - if not most - of the artists have moved out of the area as they can no longer afford the rents, which have skyrocketed from under $1,000 / month to over $4,000 per month.

One of the panelists said they are interested in supporting the arts and he mentioned Culture Lab LIC as one of the arts institutions that has survived the changes.  But that was pretty much the full extent of the conversation surrounding the arts community.  So I reckon the short answer would be no.

• CLICK here to read the rest of our report on the LIC Summit 2024 - Real Estate Development in LIC Queens NYC.

* The Federal Reserve in NYC Assesses the Risks due to Climate Change

Climate Change is Real. Its Impact is Already Affecting Economic Investments & Outcomes. The Federal Reserve Shared a Closer Look with us in October 2023.

January 23, 2024 / NYC Neighborhoods / NYC Issues / News Analysis & Opinion / Gotham Buzz NYC.

On Monday, October 2, 2023 I headed down to the Federal Reserve Bank in NYC to make a withdrawal. Not a withdrawal of money, but to collect some information about Climate Change, at a Conference they hosted for local media outlets.

Keynote Speaker - Economics Professor Stiglitz

The Keynote speaker was Joseph E. Stiglitz, a professor at Columbia University, who participated in a discussion with John C. Williams, the President and Chief Executive Officer of the Federal Reserve Bank of NY.

Informational Economics - Investment & Business Decisions are Based on Imperfect Information

The keynote speaker, Joseph Stiglitz, has expertise is in economics, and more specifically, informational economics. Stiglitz was preceded by economist George Stigler [not to be confused with the keynote speaker Joseph Stiglitz] who is credited with first developing 'The Economics of Information' in 1961 while a professor at the University of Chicago. This was the beginning of an entire area of study of how information and information systems affect economic decision making.

In the 1970's three researchers, one of whom was Joseph Stiglitz [the keynote speaker], is credited with developing the theory of 'Asymmetric Information' which posits generally that one of the parties - in a two party transaction - has better information. For example the seller of a used auto knows more about the car than the buyer, or a borrower likely has better information about whether there will be problems in repaying the loan than the lender.

• CLICK here to read the rest of our report on a cursory assessment of the risks associated with climate change at the Federal Reserve Bank in NYC.

What Happened at the LIC Partnership Real Estate Breakfast?

LIC Real Estate Owners, Managers & Tenants Discussed the Current State of the Long Island City Real Estate Market

April 25, 2023 / NYC Neighborhoods / NYC Things To Do Events / Queens Buzz NYC / 1067.

NYC Weather. The temperature highs will be / Weather coming tomrorrow.

I never thought I would become one of the 'old timers' covering the LIC Partnership Real Estate Breakfast. But I think that perhaps I am. I hadn't covered one of these breakfasts since before the pandemic, so I found myself looking to regain my balance, vis a vis my Queens real estate sea legs.

But some things are like riding a bike, meaning they come back to you quickly, and covering the LIC Real Estate Breakfast seemed to fit that bill. As I sat there listening to the panel assembled to discuss the current state of affairs, I noticed a number of folks from prior gatherings, and while the issues were largely the same, the current state of them is constantly changing.

And I'll provide the update this weekend.

• CLICK here to read the rest of our report on the LIC Real Estate Breakfast of 2023 / real estate in Queens NYC.

What's to Become of the Kingsbridge Armory in the Bronx?

Efforts Underway to Solicit Ideas for Repurposing the Century Old, Once Largest, Armory in the World [WWI] in the Bronx

April 25, 2023 / NYC Neighborhoods / NYC Things To Do Events / Bronx Buzz NYC / 185.

NYC Weather. The temperature highs will be / Weather coming tomrorrow.

The photo at right shows the inside of the Kingsbridge Armory in the Kingsbridge Heights neighborhood of the Bronx. There's an effort underway to repurpose the ancient structure.

We'll provide a full report this weekend.

• CLICK here to read the rest of our report on the Kingsbridge Armory in the Bronx NYC.

NY Real Estate Expo

NYC Professionals Discuss Manhattan & NYC Metro Real Estate

April 23, 2018 / NYC Neighborhoods / Manhattan Real Estate NYC / Gotham Buzz NYC.

I attended the 10th annual NY Real Estate Expo at the New York Hilton last week. The event was well attended by hundreds of real estate, development and financial professionals from the NYC and metro area. Anthony Kazazis, Director of the event, had organized a series of panels to discuss key aspects affecting the real estate market ranging from software platforms, to financing, to NYC real estate market assessments.

Generally the mood was upbeat, but not without some concern about the future, given changes in the tax laws, foreign interest in NYC investment, interest rates forecasts and technological challenges facing the industry. But, I thought, that is why everyone is here. To find out what's going on so they can navigate the market changes - rather than be surprised by them.

While I had intended to stay only a short while, I found the topics and panelists too interesting to leave, so I stayed most of the day. I started with a discussion of a new information technology platform called Blockchain, which is intended to serve as an information clearing house, and it includes some artificial intelligence capability. I then found my way into a discussion about New York City versus Silicon Valley with respect to attracting large technology companies like Amazon, Facebook and Google. And I ended my visit after listening in on a discussion by NYC and metro area realtors discuss the residential real estate market in Manhattan and outer boroughs.

Sound like an interesting NYC real estate conference? It was. In the photo above you can see the audience at the well attended panel discussions at the NY Real Estate Expo this year.

I'll have more on this later in the week.

BALCONY - Business And Labor Coalition NY

Forum Discusses Challenges & Opportunities Of De Blasio's Affordable Housing Plan

February 23, 2015 / NYC Neighborhoods / NYC Real Estate / Gotham Buzz NYC _ D.

One day after Mayor de Blasio gave his State of the City Address, the Business And Labor Coalition of New York [aka BALCONY] met to discuss affordable housing and their role in it.

A high quality panel of speakers had been enlisted to help stimulate the discussion which happened on an early Wednesday morning in February. The panelists included a real estate lobbyist, a unionized labor representative who oversees the management of labor pension investments, Public Advocate Letitia James, a representative from the Governor's Office and others. The BALCONY forum attracted a full house of real estate, financial and labor professionals, as well as government officials.

By the end of the morning I had heard how a number of large and important participant groups were processing Mayor de Blasio's plan to address NYC's affordable housing shortage. We'll have more a bit later this week about this informative housing forum.

New York Boat Show @ Javits Center

Full Steam Ahead For Boat & Yacht Dealers & Manufacturers

January 25, 2015 / NYC Neighborhoods / Manhattan Business / Gotham Buzz NYC _ D.

For the price of a small apartment in Manhattan you can buy yourself a floating power palace with about the same amount of space, and water views on all sides.

It was my first venture into the New York Boat Show on Sunday at the Jacob Javits Center in Midtown West. There were about 400 boats and yachts on display [364 was the unoffical count] for those looking to buy, trade or just look at the state of the art in boating technology and comfort.

Again unofficially - using one of the dealer's gate count numbers - it seems attendance was up a bit this year versus last year. They surmised that the lower gas prices, the better economy and apparently a few folks were looking to replace what had been damaged or that they'd lost to Hurricane Sandy. And so it was ... show on.

Later this week I'll post a photo slide show of the event and take you onto a few of the boats and yachts so you can see what owning or riding on one of these floating palaces would look like. Ship Ahoy.

New York City Real Estate & Business

Real Estate & Business in All Five Boroughs

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