In the HeadLinES

Here are some of the latest news items that have hit the headlines. Your thoughts, comments, and impressions matter: Please share!

CRE’s hopes and fears under Zohran Mamdani [The Real Deal]

New York’s top developers say their biggest risk factor right now isn’t interest rates or construction costs — it’s politics . At a recent panel, Commercial Real Estate (CRE) leaders voiced anxiety over how Mayor-elect Zohran Mamdani’s progressive agenda could reshape housing policy , tax incentives and the city’s broader economic climate .

While some see potential upside in his social proposals, most warned that unclear mandates and restrictive rules could stall housing production unless City Hall works hand-in-hand with private capital. Still, panelists noted early signs that Mamdani may govern with more pragmatism than expected as he confronts powerful constituencies and a deepening housing shortage .

10002: One of the panelists, Related Companies’ Jeff Blau, said as follows: “In my opinion, it’s the mayor’s job to make New York City the place where people want to continue to come.” I believe this to be true. I also believe this to be true of More For LES, as its primary purpose is to make 10002 a place where people want to continue to come.

NYC projected to cross the $3B mark…but it’s just a pro forma [The Real Deal]

Manhattan condo sellouts crossed $3 billion this year — the first time since 2021. But, before the people for whom this is exciting can pop the bubbly , let’s acknowledge that this figure is misleading .

The surge is almost entirely due to one project: 80 Clarkson, in the West Village , which accounts for $2.2B of that projected $3B mark. (Importantly, this figure is what developers intend to hit under the condition that the building actually sells out.)

Thus far, Atlas Capital & Zeckendorf’s two-tower behemoth on the West Side Highway, backed by Baupost and a record $985M construction loan , has not closed a single contract. (But, if you’re in the market for an $80M penthouse , give me a call! )

10002: None . Plus, there are probably few buildings down this way that feature $100,000+ cars pulling into the valet in the promo video , as with this one.

From Starbucks to lost bucks [The Real Deal]

The commercial condo at 21 Astor Place has spiraled into distress following the 2024 closure of Starbucks. The value of this property has plummeted by 72 percent from ten years ago — from $42 million to $11.7 million . The problems began in 2021 when FedEx vacated more than 60 percent of its footprint , despite DoorDash coming in to fill most of the vacancy .

Attorneys for the owners say the vacancy stems from burdensome taxes , landmark restrictions , and slow municipal approvals , all leading to the filing of a foreclosure . The loss of Starbucks, first loathed and then begrudgingly accepted , has left a hole in the prominent Astor Place corner, leaving Wegman’s and Chase Bank as the only corporate bignames left on the block.

10002: Before I had gray hair and lower back pain , Starbucks was a popular meeting place . Situated just outside the 6 train at Astor Place, it was an ideal spot from which to rally , pee , or buy a $9 frappomama . It’s gone and, while I can’t say that I miss it, the vacancy — the loss of energy — is palpable.

On the flip side , the NYU students that once gathered there have possibly moved south of Delancey, congregating at places like Georgie’s . This is just the sort of energy and promise that we need and want down here.