Rich Torrisi Buys Second Montauk Home as MFG Expands Development Ambitions
Rich Torrisi, the acclaimed chef and co-founder of Major Food Group (MFG), has purchased a second home in Montauk, deepening his personal and professional footprint in the luxury sector. The acquisition coincides with MFG’s first foray into residential real estate development through Villa Miami, a 56-story, 70-unit branded condo building in partnership with Terra and One Thousand Group. MFG will oversee all food and beverage branding and operations within the development, marking a shift toward immersive lifestyle offerings that blend hospitality with high-end housing. While the Villa Miami project sits far from the East End, Torrisi’s real estate activity in Montauk suggests continued interest in markets that combine exclusivity with brand equity.
City Council Approves Sweeping Sidewalk Shed Reforms
The New York City Council has passed a series of five bills targeting the city’s long-standing sidewalk shed problem. Designed to reduce their visual and economic impact, the legislation shortens initial shed permits from one year to three months, allows for taller structures up to 12 feet, introduces stricter lighting requirements, and permits color variation beyond standard green. The timeline for mandated façade inspections under Local Law 11 will also extend from five to eight years. Sheds have long been criticized as lingering blights that hurt small businesses and obscure city architecture, often remaining in place for years due to stalled repairs. These reforms aim to shift that norm, although groups like REBNY and the Council of New York Cooperatives have expressed concern that the new 90-day limit may be unworkable for buildings facing labor shortages or logistical delays.
Arcus Development Secures $33M Loan for East Village Build
Arcus Development has secured a $33 million construction loan from Derby Copeland Capital for a new 18-unit luxury residential project at 220 East 9th Street in the East Village. The entity Astor Nine LLC serves as the borrower, with the deal closing on March 14 and recorded on March 25. The development includes a 31,231-square-foot, R-2 residential building with plans filed in May 2024 and permits granted in February 2025. According to PincusCo, the site comprises 22,460 square feet of built space and 9,056 square feet of air rights, totaling 31,500 buildable square feet. The loan equates to $1,469 per built square foot and $1,047 per buildable square foot. Derby Copeland also served as the prior lender on an $8.4 million loan, underscoring continued confidence in the site’s long-term value. The East Village project signals Arcus’ continued focus on tightly designed luxury infill opportunities in historically desirable neighborhoods.
Compass Hires New Dev Veteran Dennis Mangone
Compass has added Dennis Mangone to its new development team, continuing a wave of high-profile talent acquisitions from Douglas Elliman. Mangone brings years of experience working with top-tier developers and leading major sales and marketing efforts across New York City. His move follows the recent departure of Holly Parker and her team to Compass, marking a strategic expansion of the firm's new development division in both New York and South Florida. Compass is making clear investments in capturing market share on the development side, leveraging relationships and leadership hires to drive growth in a sector that remains highly competitive and brand-sensitive.
Federal Judge Dismisses Discrimination Suit Against Douglas Elliman
A federal judge has dismissed a lawsuit against Douglas Elliman and several of its agents that alleged discrimination against a tenant using a Section 8 housing voucher. The plaintiff, Shaniqua Newkirk, claimed she was ignored or denied assistance because of her voucher status. The court dismissed the case with prejudice after Newkirk failed to amend her complaint within the time allowed and after the statute of limitations had lapsed. Elliman expressed satisfaction with the ruling and reaffirmed its zero-tolerance stance on discrimination. While the case was dropped on procedural grounds, it underscores ongoing scrutiny in how major brokerages handle fair housing obligations, particularly in a city with increasing reliance on housing vouchers and income-restricted programs.