New York City’s mayoral race is officially over — and despite dire predictions from the industry, some residential players are chiming in with a clear consensus: don’t believe the hype.  Democratic nominee Zohran Mamdani won the city’s top post on Tuesday, besting Independent candidate, former Gov. Andrew Cuomo, and Republican Curtis Sliwa. The 34-year-old Assemblymember from Queens ran on, among other policies, the promise of freezing rents for stabilized housing and raising taxes on the wealthiest New Yorkers.  Leading up to the election, some real estate players warned that a Mamdani victory could spark an outflow of high-earning residents over […]

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To be a leader in the booming data center sector, firms need more than the requisite real estate, which CBRE has acknowledged with a ten-figure acquisition. The Dallas-based real estate brokerage firm paid $1.2 billion to acquire Pearce Services from alternative investment manager New Mountain Capital, Bisnow reported. The deal closed only a few weeks after CBRE alluded to a potential acquisition of this magnitude during its earnings call. “This acquisition complements our large and growing presence in digital and power infrastructure,” CBRE chief executive officer Bob Sulentic said in a statement. Pearce provides design, engineering, maintenance and repair services […]

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Louis C.K. sold his Shelter Island home for above its most recent asking price, but the comedian may not have the last laugh. The controversial comedian unloaded Primrose Cottage at 9-7 Westmoreland Drive to an undisclosed buyer for $4.35 million, Behind the Hedges reported. That represented a $50,000 premium on the Tudor-style residence’s last asking price. The deal for the 2.2-acre, 5,000-square-foot home breaks down to $870 per square foot. There are six bedrooms and four-and-a-half bathrooms, as well as a 20-by-50-foot heated gunite pool, a hot tub and a brick patio. The deal could be a disappointment for C.K. […]

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Kennedy Wilson, an investment firm with $30B in real estate assets under management, has received an offer to buy out its shareholders and take the company private. 

The crackdown, ordered by the prime minister, added to the controversy over the Chinese fast-fashion retailer as it opened its first store in Paris amid chaotic scenes.

Sonida Senior Living acquired rival senior housing operator CNL Healthcare Properties in a stock-and-cash transaction valued at about $1.8B. 
The combination creates the eighth-largest owner of U.S. senior living assets, with roughly 14,700 units across a portfolio of 153 independent living, assisted living and memory care communities.
The merger is the largest senior housing transaction in the U.S. since 2021, The Wall Street Journal reported.

Carmakers and their suppliers are piecing together new supply chains after a Chinese-owned company in the Netherlands was caught in the middle of the trade war, revealing European vulnerabilities.

Fintech firm Current is withdrawing from Chelsea and depositing itself at Vornado’s Penn 2. The mobile banking company signed a 10-year lease for a little over 62,000 square feet on the 23rd floor of Penn 2, Vornado Realty Trust’s newly redeveloped office tower above Penn Station, The Real Deal has learned. The asking rent was $125 per square foot.  Current is relocating from RXR’s 620 Sixth Avenue, where it leased about 72,000 square feet in 2023, Commercial Observer reported. A Current spokesperson declined to comment on the new lease. The deal adds to Vornado’s momentum at the Penn District, where […]

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The Supreme Court is considering whether the president acted legally when he used a 1977 emergency statute to impose tariffs on scores of countries.

One culprit of the housing crisis was overlooked in this mayoral campaign: the Landmarks Preservation Commission. It doesn’t seem like Mayor-elect Zohran Mamdani or many other politicians are even aware of the issue. I’m not just talking about NIMBY groups trying to get properties designated as landmarks to block housing that would replace them, or pressuring the commission to reject projects that would replace parking lots or deteriorated churches in historic districts. I’m talking about the everyday struggles between property owners and the landmarks agency — the kind of fights that never make headlines. A recent social media post from […]

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