Residential Development and Affordable Housing
Two major projects are nearing completion:
Mabel (335 Eighth Avenue, Chelsea): Developed by MAG Partners in collaboration with Safanad and MetLife Investment Management under the Affordable NY Program, Mabel will deliver 188 rental units, with 30% reserved for low- and middle-income New Yorkers. Designed by COOKFOX Architects to meet Passive House and LEED Gold standards, the building includes a fitness center, coworking lounge, library, dining area, rooftop deck, and ground-floor Lidl grocery. Its corner location at West 26th Street offers easy access to several subway lines and Penn Station.
181 MacDougal Street (Greenwich Village): This seven-story luxury condo building, developed by Straus Group and designed by Morris Adjmi Architects, will feature 16 units, a community facility, and retail space. Amenities include a doorman, concierge, fitness center, library lounge, and pet-friendly policies. Located near the West 4th Street station, the building is slated for completion later this year, with sales led by Corcoran Sunshine.
Commercial Property Refinancing and Investment
1285 Avenue of the Americas (Midtown West): RXR Realty refinanced the 1.6M SF tower with a $59M loan from AIG, adding to the $731M it secured in 2023. The building generated $159.4M in revenue and highlights continued institutional commitment to Midtown office assets.
1-19 Remsen Avenue (East Flatbush, Brooklyn): The Carlyle Group acquired the site from Cayre Equities for $50M—up sharply from its 2015 sale at $13M. The site, next to a CubeSmart facility, reflects strong investor demand for self-storage assets in Brooklyn and Queens.
Impact of Rent Regulation on Property Values
Related Fund Management sold five rent-stabilized Bronx properties for just 45% of their 2015 value. The 2019 rent laws, which capped increases and limited revenue growth, have had a major effect on the asset class. The sale reflects growing concern among institutional owners, even as Related has taken a position in distressed rent-regulated debt tied to the failed Signature Bank.
Retail Market Activity
2 Newtown Lane (East Hampton): Benchmark Real Estate Group sold the Prada-leased property for $10.25M, or $2,563/SF, just two years after its acquisition. This rapid appreciation underscores the strength of luxury retail in high-demand areas.
325 West Broadway (SoHo): Japan-based Cafec affiliate Sanyo Sangyo Inc. acquired two fully leased retail condo units for $4.9M. The tenants, Lazaro and IGK, recently renewed their leases, making this a stable income-generating asset in a high-visibility corridor.
Commercial Leasing and Institutional Presence
570 Lexington Avenue (Midtown East): Sotheby’s Institute of Art renewed its 19,436 SF lease for another decade at $65/SF. The renewal includes modernization plans and reaffirms Midtown East’s appeal to educational and cultural tenants. Other tenants in the building include Cornell University and REBNY.
Brokerage Firm Movements
Kirsten Jordan Joins Corcoran: The top-producing team led by Kirsten Jordan has left Douglas Elliman for Corcoran. With $68.8M in closed volume across 13 deals, the team brings significant momentum to Corcoran, which recently topped TRD’s brokerage ranking. The move follows executive turmoil and losses at Elliman, signaling a shifting competitive landscape.