Long Island City Rezoning Could Add 14,700 Homes
New York City has launched a sweeping rezoning of a 54-block section of Long Island City, Queens, aiming to deliver approximately 14,700 new housing units over the next decade. As part of the city's Mandatory Inclusionary Housing (MIH) program, 22 blocks will be set aside for residential development, with roughly 4,300 of those units designated as income-restricted.
This rezoning encompasses areas once tied to the YourLIC megadevelopment and includes parcels Amazon considered for its now-abandoned HQ2. The city also plans to transfer municipally-owned sites and negotiate acquisitions from Con Edison to establish a continuous waterfront corridor between Gantry Plaza and Queensbridge Park.
City Planning Chair Dan Garodnick called the proposal “the most housing we’ve seen in a neighborhood rezoning in at least 25 years.” With added commercial density allowed under the “City of Yes” initiative and incentives for developers who include school space, the plan enters ULURP with a City Council vote expected by fall.
33 Luxury Contracts Signed During Holiday Week
Despite the Easter and Passover holidays, Manhattan’s luxury market stayed hot. Between April 14 and 20, 33 homes asking $4 million or more entered contract — the highest total since mid-March.
Leading the pack was a $19.75 million condo at 140 Jane Street, a 4,600-square-foot unit with a conservatory and Hudson River views. The building’s penthouse, reportedly heading to market at $88 million, could set a new Downtown record.
Elsewhere, a $14 million townhouse at 280 West 11th Street and a relisting of a $75 million West Chelsea penthouse previously owned by Howard Hughes CEO David Weinreb added to the activity. Even supermodel Irina Shayk made headlines, selling her West Village condo for $3.25 million.
Federal Government Threatens Transit Funding Over Congestion Pricing
The U.S. Department of Transportation has escalated its dispute with New York State over congestion pricing, threatening to pull most transportation-related funding unless toll cameras are turned off by May 21. President Trump’s administration, through DOT Secretary Sean Duffy, has framed the toll as illegal and is pressuring Governor Hochul to reverse course.
Governor Hochul and MTA Chair Janno Lieber maintain that the program is both legal and working. Meanwhile, the MTA is exploring legal avenues to challenge the federal ultimatum.
Recent CRE Loans & Transactions
Several notable commercial transactions and financings were recorded across the city:
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CUNY purchased four timeshare condo units at 569 Lexington Avenue for $85.7 million, adding 578 student beds.
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Gatsby Enterprises secured a $24 million refinance from Metropolitan Commercial Bank for three Lower East Side hotel assets, previously facing foreclosure.
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Sioni Group locked in a $158.5 million construction loan from Kennedy Wilson and others for a 743-foot tower at 100 West 37th Street.
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Hawkins Way Capital received a $197.4 million refinancing from Standard Chartered for dorm and retail components at the same Lexington Avenue property.
Douglas Elliman Snags Compass Exec in the Hamptons
Douglas Elliman continues to solidify its dominance in the Hamptons, hiring Charles Manger as executive manager of sales for its Southampton and Bridgehampton offices. Manger comes from Compass and brings a background in finance and real estate. The move underscores the ongoing tug-of-war between Elliman and Compass for top agent talent in the region.