Feil Brings Back Historic Resi Plan on Billionaires’ Row
The Feil Organization is moving ahead with a long-anticipated residential conversion at 140 West 57th Street. Originally built in 1907 as artists’ studio apartments, the 14-story Midtown property will be converted into 47 residential units. The building won’t rise any higher, but the new plans mark a shift from Feil’s previous consideration of a commercial revamp. The property’s history includes time as the “Office Townhouse” and later as creative and professional studios. Feil acquired the building in 2009.
Cohen’s Casino Bid Reignites with New Political Ally
Steve Cohen’s $8B Metropolitan Park casino plan may finally gain legislative traction. After State Senator Jessica Ramos declined to sponsor a parkland alienation bill necessary to advance the Citi Field-adjacent proposal, Senator John Liu has stepped in. His support hinges on a High Line-style park along Flushing Creek. With Albany’s session ending in June, the clock is ticking before downstate casino license applications are due. Cohen and Hard Rock have pledged $100M in upgrades to Flushing Meadows-Corona Park as part of their pitch.
Casino Bidding War Heats Up Across NYC
The city’s casino competition is intensifying as other major proposals seek one of three downstate licenses:
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Freedom Plaza (Soloviev Group + Mohegan) near the UN with labor backing and affordable housing
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Hudson Yards (Related + Wynn) faces community opposition despite its $12B scale
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Times Square (SL Green + Caesars + Roc Nation) continues to lobby
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Coney Island (Thor Equities + Saratoga + Chickasaw Nation) seeks to activate the boardwalk
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Resorts World wants to upgrade its existing Queens facility into a full-scale casino
Travel Headwinds Threaten NYC Hotel Sector
New travel advisories and stricter immigration enforcement may impact international tourism in NYC. A Canadian study already shows declining flight bookings. International travelers typically stay longer and spend more — meaning their absence could cut into hotel revenue just as the industry rebounds from pandemic-era lows.
Foreign Buyers Flood NYC Multifamily Market
Foreign investors from Japan, Taiwan, Israel, and beyond are buying back into New York — not just in Manhattan but across Brooklyn and the boroughs. They’re moving quickly, often with all-cash deals. With rents holding strong and interest rates softening, NYC multifamily assets are once again seen as globally stable yield plays.
1122 Madison Avenue Rising on UES
On the Upper East Side, Legion Investment Group and Nahla Capital are constructing an 18-story condo at 1122 Madison Avenue (aka 22 East 84th Street). The building will offer 22 units, averaging 3,500 SF each. The $95M land-and-air-rights play ensures Central Park views from the upper floors. Delivery is expected by year-end 2026.
Crown Heights Refinance Shows Strength in Brooklyn Rentals
Harbor Group International has refinanced 564 Saint Johns Place — a 193-unit building in Crown Heights — for $76.2M through NewPoint Real Estate Capital. The deal, priced at $556 per built square foot, replaces a prior $87.8M loan from Flagstar Bank. Harbor acquired the property in 2019 for $117M.
Self-Storage Surges, Led by Queens
Queens topped the U.S. in self-storage sales volume for 2024 with $101.3M, beating out cities like Cerritos and Miami. Brooklyn and Manhattan also posted strong activity. With low square footage per capita and limited new supply, NYC remains a high-demand market for self-storage investment.
NYC Real Estate Still Powering City Finances
Despite market volatility, NYC’s real estate-related tax revenue hit $37B last year and could climb to $50B this fiscal cycle. Commercial real estate made up 82% of property tax income. The sector now accounts for nearly half of all municipal tax revenue — enough to cover wages for 280,000 public workers and fund critical infrastructure like the MTA’s Capital Lockbox.
David Werner’s Discount Dynasty Expands
Investor David Werner continues his opportunistic buying spree, scooping up major office buildings at deep discounts:
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300 E. 42nd: In contract for $52M (vs. $122.5M in 2019)
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100 Wall: Acquired for $115M (down from $270M in 2015)
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40 Fulton: Picked up for $101M (under the seller’s $130M ask)
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303 E. Wacker (Chicago): Bought for $63M (sold for $182M in 2018)
Werner is known for his quick flips and sharp read on value — often re-selling portions of deals while retaining equity.
Largest Office-to-Resi Conversion in NYC History Underway
Werner is also co-leading the city’s biggest office-to-resi conversion at the former Pfizer HQ, 235 E. 42nd Street. The project, with Metro Loft Management, will deliver 1,600 apartments. They’re also targeting 675 Third Avenue for conversion. It’s a signal that residential over office isn’t just a trend — it’s a shift in typology.
Apollo Eyes 590 Madison After IBM Exit
In Midtown, Apollo Global Management is negotiating to lease four floors at 590 Madison. The move would consolidate staff from Bryant Park and follows IBM’s recent exit from the building. Apollo previously scored a sizable lease termination payout at another Midtown site — a trend among major tenants seeking flexibility, savings, and location alignment.