Tenant and real estate groups are starting to make clear what races they are watching.
Tenant PAC has rolled out its first slate of endorsements, backing incumbents in the City Council, including Alexa Avilés, Shahana Hanif and Chris Marte. The group is also supporting Assembly member Harvey Epstein’s bid for Council member Carlina Rivera’s Council seat.
Other groups are watching some of these races closely. A political action committee backed by the Real Estate Board of New York is targeting Avilés by supporting her opponent Ling Ye. The group is expected to spend hundreds of thousands of dollars on other City Council races as well. It hasn’t specified which races, but members of the Democratic Socialists of America are usually a good bet.
Yimby group Open New York has backed Jess Coleman’s bid to unseat Marte, who has a reputation for voting against development (he was the only Manhattan representative on the City Council to vote against the City of Yes for Housing Opportunity text amendment).
Tenant PAC is also endorsing Sen. Brad Hoylman-Sigal for Manhattan Borough President and Council member Justin Brannan for City Comptroller.
“We firmly believe that our local leaders are elected to represent the people, not the interests of big real estate and corporate money — and these candidates have shown us that they have the integrity and the grit to fight for renters and ordinary New Yorkers,” Tenants PAC’s Michael McKee said in a statement.
The selection of Brannan, a moderate Democrat, may take some by surprise. He was one of the few Council incumbents that REBNY’s PAC supported in 2023. But the Working Families Party has also endorsed Brannan, and the Tenant Bloc indicated it was won over by his goal “to leverage the comptroller’s office to build and fight for affordable housing.”
What we’re thinking about: Have you reviewed President Donald Trump’s proposed budget? What do you think will be the local impact of the housing cuts? Send a note to kathryn@therealdeal.com.
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A thing we’ve learned: On Friday, a federal judge heard arguments from both REBNY and the city over the former’s lawsuit seeking to repeal the Fairness in Apartment Rental Expenses, or FARE, Act.
Judge Ronnie Abrams is considering REBNY’s motion for a preliminary injunction to prevent the FARE Act from going into effect June 11 while its lawsuit makes its way through the courts. She is also considering a motion by the city to dismiss the lawsuit.
Abrams didn’t give many clues to how she might rule, but said she would decide soon, given the impending deadline.
However, at one point, she asked a question that got an audible groan from a fellow attendee: “What about a situation where the broker doesn’t do anything but publish the listing?” Opponents of the bill have been repeatedly pushing back on the notion that brokers simply open the door for prospective tenants.
This was part of a line of questioning around REBNY’s argument that the FARE Act creates less choice for tenants because they can’t choose to pay a broker’s fee upfront, rather than having that cost added to their rent. Abrams seemed skeptical on this point, asking, “Don’t tenants have less choice [when they have to pay a broker fee for someone they didn’t actively seek out to represent them]?”
Keep an eye out for more coverage on this hearing and this case.
Elsewhere in New York…
— Former Gov. Andrew Cuomo didn’t disclose in filings with the city’s Conflicts of Interest Board that he owns $2.6 million in stock options in Nano Nuclear Energy, Politico New York reports. A Cuomo campaign official told Politico that the stock options do not need to be disclosed because they are owned by Cuomo’s limited liability company, Innovation Strategies. An official with the Conflicts of Interest Board said LLC holdings are supposed to be disclosed.
— State Sen. Jabari Brisport and Assembly member Harvey Epstein are introducing a bill that would allow the City Council to remove a sitting mayor from office with a three-fourths majority vote, Gothamist reports. The measure requires a resolution from the City Council, known as a home rule message, to move forward. Council member Gale Brewer is leading the effort to pass a resolution.
—Even though Gov. Kathy Hochul announced a “general agreement” on the budget last week, the state’s spending plan is still not final. In fact, this budget is the latest one in 15 years, according to City & State.
Closing Time
Residential: The priciest residential sale Friday was $5.9 million for a condominium unit at 250 West Street. The Tribeca condo is 2,500 square feet. The last recorded sale was in 2013 for $3.9 million.
Commercial: The most expensive commercial closing of the day was $9.7 million for 1265 Olmstead Avenue. The Bronx apartment complex in Unionport is 92,600 square feet, has 88 units and is six stories.
New to the Market: The highest price for a residential property hitting the market was $16.9 million for a condo unit at 303 Park Avenue. The Towers of the Waldorf Astoria unit is 2,800 square feet of new construction. Douglas Elliman’s Loretta Shanahan, Kai Wong, Noble Black and Sabrina Saltiel have the listing.
Breaking Ground: The largest new building application filed was for a 24,663-square-foot, five-story residential building at 272 Seagirt Boulevard in Queens. Leandro Dickson of LND Design+Build is the applicant of record.
— Joseph Jungermann