David Tabak appears to have found his next Brooklyn project, one likely to be less complex than the much-watched Brooklyn Yards development. Tabak acquired the development site at 563 Sackett Street in Gowanus for $58.5 million, the Commercial Observer reported. The 38,500-square-foot site traded for nearly $1,520 per square foot. The seller was the Mazzei family, who has owned the one-story garage on the site since 2005. Demolition permits for the garage have yet to be filed, but it could be nothing more than a matter of time. Tabak is already looking at a 12-story, 350-unit residential building at the […]

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Drones, missiles and other crucial components of Europe’s rush to rearm itself rely on an increasingly unsteady supply of minerals from China.

Businesses and investors are bracing for uncertainty after Supreme Court justices questioned the legality of a core part of the president’s trade policy.

I bet Zohran Mamdani loves the new upgrades to Grand Central Terminal. The mayor-elect should ask himself: Would they have happened if we treated transit stations like he does rent-stabilized apartments? The MTA just finished a $700 million overhaul of Grand Central, giving the terminal 30 new turnstiles, 38 new or wider staircases and a wider mezzanine outside the entrance for the 4, 5, 6 and 7 trains. It also replaced 10 escalators and 10 elevators. No such overhaul has happened to a rent-stabilized property since the Mamdani-backed Housing Stability and Tenant Protection Act of 2019 capped rent increases to […]

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It’s an appeals board, not a magic wand. The big news Tuesday was that Zohran Mamdani will be New York City’s next mayor.  The other big news was that member deference, the tradition of the City Council voting based on the opinion of the local member on land use issues, is dead.  Except, it isn’t completely dead.  Voters approved three ballot measures that weaken the City Council’s hold on certain housing project approvals.  One of the proposals creates housing fast-track options that bypass City Council approval. Another creates a condensed review process for “modest” housing projects that does the same. […]

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There were 204 transactions totaling $284 million recorded in New York City before 4 p.m. on Wednesday, Nov. 5. 🏆 Residential: The priciest home sale was on the Upper East Side. A townhouse at 48 East 81st Street sold for $16.8 million. The seller was an LLC tied to Shahab Karmely of Kar Properties. The buyer was Demain C’est Loin, LLC. Karmely had owned the property since the early 1990s. The residence dates back to 1924 and stands five stories tall. Spanning 7,400 square feet, the property, gut-renovated in 2019, also has a full basement and roof deck. It also […]

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President Trump has used his sweeping global tariffs as an economic tool and a political cudgel. A decision invalidating them could hamper his power.

Hudson Pacific Properties is pointing the finger at its studio arm for its $136.5M loss in the third quarter. 
That is a larger loss than the roughly $98M incurred in the same period last year. HPP said it was “mostly attributable” to the deconsolidation of Sunset Glenoaks, the nearly $200M San Fernando Valley studio project it built in a joint venture with Blackstone. 

TMG Partners, a veteran Bay Area developer, signed on to help reimagine Macy’s 600K SF flagship department store in Union Square, the San Francisco Chronicle reported. 

After a decade of increases turbocharged by the pandemic, office tenant improvement allowances are flattening as costs rise and landlords grow weary of forking over cash to entice occupiers.
TI allowances for office leases have surged by 112% since 2016, peaking at $212 per SF in gateway markets earlier this year as landlords jockeyed for leases. But a recent leveling of such spending, growing by just 8% last year, underscores the difficulties facing office owners.
“Rents are going up,” CompStak Senior Director of Real Estate Intelligence Alison Baumann said. “But landlords are also spending a lot to get those tenants.”