L+M Development landed fresh capital for one of the city’s most ambitious coastal housing plays in Queens. A joint venture led by the developer landed $278 million in construction financing to build the first residential phase of Arverne East, a master-planned development poised to reshape a large stretch of Far Rockaway with affordable housing, Commercial Observer reported.  The deal funds Building D, a 320-unit project at 116 Beach 36th Street that kicks off a megaproject due to deliver 1,650 affordable apartments across 116 acres.  The sponsorship group goes well beyond L+M. Partners include Urbane Development, the Bluestone Organization, Mega Group […]

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The former Vornado Realty Trust executive charged with stealing millions from the public company says his former employer never disclosed any alleged fraud to its financial regulators or auditors. That, he says, should bar prosecutors from advancing some of their key arguments at trial. Jared Solomon and his attorneys in a filing earlier this month asked the judge overseeing his criminal embezzlement case to prevent federal prosecutors from submitting evidence to support their charges that the former Vornado leasing executive committed “material fraud” at the REIT. He argues that Vornado — which is publicly listed on the New York Stock […]

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Where Metin Negrin once saw a sales opportunity, he’s instead embracing the office-to-residential conversion trend. Lexin Capital filed plans to convert 229 West 28th Street in Chelsea from office and retail use to apartments, the Commercial Observer reported. It’s not immediately clear if the units will be rentals or condos. The conversion plans call for the 12-story, 157,000-square-foot building to expand to a 35-story, 207,000-square-foot residential complex. Most of the space would be residential, though there would also be 3,900 square feet of commercial space; the Department of Buildings application references “general wiring for a nightclub” on the ground floor. […]

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President Trump achieved his goal of shrinking the work force. But many current and former officials say the government is less dependable and efficient than it was a year ago.

Israeli billionaire Idan Ofer started the year with an acquisition of a Financial District office building. He’s ending the year with plans in place for Manhattan’s next big conversion. Ofer’s Quantum Pacific Group and Nathan Berman’s Metro Loft Management filed plans for a 614-unit office-to-residential conversion at 101 Greenwich Street, the Commercial Observer reported. The partners bought the 26-story property from BentallGreenOak in February for more than $100 million. Quantum Pacific could not be reached for comment by the publication, while Metro Loft did not respond to a request for comment. Quantum Pacific and Metro Loft already work together elsewhere. […]

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What do luggage carts have to do with real estate? Glad you asked. If you can understand politics and economics, you can understand much of what happens in the world. A common sentiment in New York politics is that people should get things for less than they cost, or even free. This explains rent stabilization, at least since 2019. But today’s example is the humble airport luggage cart. Tim Wu, the semi-famous Columbia professor (of law, not economics), tweeted that a $6 fee for carts at Kennedy Airport “just feels extractive” to a family with a lot of luggage. “Nothing […]

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There were 253 transactions totaling $537 million recorded in New York City over the past 24 hours before 4:00 p.m. on Monday, Dec. 29. 🏆 Residential: The most expensive residential sale recorded on Monday was $11.8 million for a 3,662-square-foot, sponsor-sale condominium at 200 East 75th Street in Lenox Hill. Alexa Lambert with Compass had the listing. Vivien Klas & Yusufi Tarigh purchased the unit from ESJ Development.  📊 Residential: In TriBeCa, The Eklund Gomes Team sold 85 Worth Street for $11 million for the second-highest residential sale recorded on Monday. The 3,984-square-foot condominium is one of five residential units […]

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Brooklyn’s luxury market just registered its highest Christmas week deal volume in five years.  The borough saw 13 contracts — four condos and nine townhouses — signed from Dec. 22 to Dec. 28 for a total contract volume of $58 million, according to Compass’ weekly report of contracts for homes asking at least $2 million.  Contract volume last week was the highest during the holiday week since 2020, when the borough saw 18 deals signed for over $59 million.  The priciest contract signed last week was for a townhouse at 839 President Street in Park Slope last asking $10 million.  […]

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Katherine Maher has taken an unyielding approach to NPR’s biggest battles — which has sometimes put her at odds with her colleagues in public media.

Chinese panels are now so affordable that businesses and families are snapping them up, slashing their bills and challenging utilities.