Latest News

New York City’s office market is mounting a powerful comeback, with Manhattan leasing activity hitting its highest level in nearly two decades. Billion-dollar deals, record-high rents, and major commitments from tenants like NYU, Jane Street, and Amazon signal renewed confidence in the city’s core. Conversions of older offices into housing are reshaping the market while tightening supply and boosting demand for top-tier space. Despite elevated vacancy and policy uncertainty, Manhattan has reestablished itself as the nation’s office bellwether.

New Yorkers will vote on six ballot measures this November that could significantly impact housing, development, and city governance, including proposals to fast-track affordable housing approvals and create a digital citywide map. These changes could streamline real estate processes, accelerate construction, and shape future investment opportunities across the city.

The City Council’s committees have unanimously approved the Jamaica Neighborhood Plan, a major rezoning initiative that will bring roughly 11,800 new homes—including 4,000 affordable units—thousands of jobs, and over $400 million in community investments to Southeast Queens. Spanning primarily Community District 12 with portions in District 8, the plan marks the largest neighborhood rezoning in New York City in more than two decades and establishes the city’s largest Mandatory Inclusionary Housing (MIH) zone.

The OneLIC Neighborhood Plan, recently approved by the City Planning Commission, aims to transform Long Island City with 10,000 new housing units, over 3 million square feet of commercial space, improved waterfront access, and upgraded infrastructure, while ensuring affordability through Mandatory Inclusionary Housing. The plan also modernizes zoning for industrial and commercial uses, supports local businesses, and emphasizes climate resiliency, connectivity, and community amenities.

New York City is witnessing a dramatic surge in development rights transfers as a result of the new City of Yes legislation. According to The Real Deal, transfers are projected to rise 39% in 2025, bringing them to their highest volume since 2016.

Two major casino projects are moving forward in New York’s licensing race: Resorts World in Queens and MGM Empire City in Yonkers. Both received unanimous approval from local advisory committees and now await final state review. Resorts World’s $5.5B plan includes thousands of slot machines, gaming tables, hotel rooms, and community space, while MGM Empire City’s $2.3B expansion preserves horse racing and creates around 2,000 jobs. These developments highlight NYC’s growing focus on entertainment-driven real estate, economic impact, and investment opportunities — while raising important questions about neighborhood effects and long-term sustainability.

The Federal Reserve’s recent 25 basis point interest rate cut — its first since 2024 — is set to reshape the U.S. commercial real estate (CRE) market in 2025. With CRE investment volume already up 15% year-over-year, lower borrowing costs are expected to fuel deal activity, enhance underwriting, and attract more investors back into the market.

The City of Yes represents a once-in-a-generation opportunity to reshape NYC’s housing market. By modernizing outdated zoning laws, incentivizing affordability, and reducing unnecessary costs like excessive parking requirements, this initiative paves the way for smarter, more sustainable development. At Landair Property Advisors, we are excited to help sellers navigate this evolving landscape, ensuring that they capitalize on the opportunities created by this landmark rezoning.

In an exciting development for New York City's economic landscape, the "City of Yes for Economic Opportunity" (COYEO) initiative has been adopted as of June 6, 2024.

In the dynamic landscape of New York City real estate, understanding the intricacies of Inclusionary Housing (IH) and the new 485x tax abatement is essential for developers. These programs are designed to balance development with affordability, ensuring that new projects contribute to the city's housing needs.

With the enactment of the FY 2025 Budget, the real estate development landscape has progressed dramatically. This comparison between New York's 421-a and 485-x tax abatement programs aims to outline their distinct frameworks and implications for developers. It highlights the differences in eligibility, benefits, and compliance requirements of each program, emphasizing how they affect rent stabilization and the transition to market rates post-abatement. The analysis serves to aid developers in selecting the appropriate program based on the scale and objectives of their projects.

Here’s a deeper dive into what Sliver Law is, how it applies, and its implications for property development in New York City.

New York City's "City of Yes" initiative represents a bold stride towards addressing the long-standing issues of housing shortage and high living costs in the metropolis. With a sweeping set of zoning text amendments proposed by the NYC Department of City Planning, the initiative aims to invigorate the city's housing landscape by fostering a more inclusive and adaptable urban environment.

NY State Legislators have come to an agreement on a 2024 fiscal year budget that includes a massive new housing plan.