7 stories on new york in commercial real estate.
Empire State Realty Trust (ESRT) has brought on industry veteran Sevinc Yuksel as senior vice president of design and construction. Backed by two decades of experience, Yuksel will spearhead the REIT's capital projects and redevelopment initiatives across its Manhattan portfolio.
Gov. Hochul formally proposed a two-tier pied-à-terre tax: 4% on NYC non-primary residences above $1M and 6.5% above $5M, targeting an estimated $500M in revenue.
Bally's Corporation paid $156.6M to New York City for a 16-acre Bronx parcel, clearing the path for a planned casino resort at the former Ferry Point golf course.
NYC developers are exploring progressive design-build amid mounting construction pressures, though legislative hurdles keep New York behind California in adoption.
New York state lawmakers have reintroduced the Small Rent Stabilization Act to cap rent increases for independent retailers in NYC's five boroughs.
Brookfield Properties closed an $800M CMBS refinancing of its 44-story, 2.4M SF tower at Brookfield Place, injecting $172.5M in equity to retire a maturing $900M loan.
Bushburg Properties secured a $78M loan from Oak Funding and OakNorth Bank to convert 100 William Street in Manhattan's FiDi into 400+ apartments.