Real estate players in and around New York are finding reasons to be thankful this holiday season.
New York Attorney General Letitia James is thankful after U.S. District Judge Cameron McGowan Currie dismissed the mortgage fraud case against her on Monday. The judge ruled that the prosecutor in the case, Lindsey Halligan, was illegally appointed by the Justice Department.
The case (as well as James Comey’s) was thrown out without prejudice, meaning it could be revived. The path for refiling is unclear, however, as the DOJ’s prosecutor was ruled ineligible to bring the indictments again.
A federal grand jury indicted James last month. Allegations included marking on a mortgage application that a house she and her niece bought in Virginia would be a primary residence, misrepresenting the number of units at a row house in Fort Greene, Brooklyn and falsifying documents to secure better mortgage terms.
James’ legal team argued the case was part of a “political retribution campaign.”
Hundreds of city influencers are thankful to be part of mayor-elect Zohran Mamdani’s transition team. That includes two dozen people on his transition committee for housing.
The housing group includes nonprofit housing organizations, union reps, YIMBY groups, religious leaders, tenant groups, private real estate developers and multifamily lenders. Representatives from the private sector include Real Estate Board of New York Chair and Two Trees Management CEO Jed Walentas, L+M CEO Lisa Gomez and M Squared COO Carolee Fink.
Members of the committee also include veterans of the de Blasio and Bloomberg administrations. Notably, The Partnership for New York’s Kathy Wylde is on another committee and five representatives from the Democratic Socialists of America were named to different committees.
Abramson Brothers is thankful for the 467m tax incentive program, which offers property tax breaks to owners converting office buildings into apartments.
Abramson is converting its 90,000-square-foot office building at 333 West 52nd Street in Hell’s Kitchen into a 108-unit residential property; architecture firm CetraRuddy is leading the redesign.
This represents the longtime office landlord’s first office-to-residential conversion. Amenities will include a fitness center and a terrace.
Unfortunately, not everyone is thankful these days. Turkeys, for one, probably aren’t loving this holiday, nor are air traffic controllers.
The same could be said for brokers and owners fearful of a bill working its way through the city.
The Community Opportunity to Purchase Act is a proposed measure that would grant city-approved nonprofits first dibs to buy buildings with three or more residential units.
Opponents, including brokers and property owners, are not pleased, arguing the bill will “disrupt the city’s housing market,” bring transactions to a crawl, deter investors and lenders due to delayed closings and preclude time-sensitive 1031 exchanges.
Proponents, however, are gobbling it up, saying COPA will curb speculation and help nonprofits create and preserve affordable housing for low-income tenants.
It’s a fight that doesn’t appear likely to be settled at the Thanksgiving table.
Read more
Judge tosses Letitia James’ criminal case
The Daily Dirt: Mamdani taps housing-focused transition committee
Abramson Brothers plans Hell’s Kitchen office-to-resi conversion