Election season is officially over. Now real estate must set its agenda as a new class of lawmakers heads to Albany.
New York’s real estate industry helped bankroll Gov. Kathy Hochul’s reelection. Now, with her victory secured, developers and lobbyists are heading to Puerto Rico to find out what their investment might mean for the next round of housing battles in Albany.
Hochul promised New Yorkers she would get right back to work in her victory speech. But unless the governor wants to miss her flight to San Juan for the annual Somos conference, it’s more likely she is already packing a bag or even heading to the airport. She’s hosting a reception on Thursday, after all.
The annual legislative conference draws New York’s political class to the Caribe Hilton each November immediately following Election Day, with plenty of real estate industry heavyweights and lobbyists in tow. Last year, Zohran Mamdani’s long-shot win was the topic on everyone’s mind as they angled to make their priorities heard ahead of his swearing-in as mayor.
Hochul’s decisive win and the incoming class of left-leaning lawmakers joining her in Albany will be the big focus this year among attendees affiliated with event sponsor REBNY, other industry groups like the New York Apartment Association and developers like Slate and Volunteers of America–Greater New York. Labor leaders from the NYC District Council of Carpenters and Building and Construction Trades Council will also be in attendance, hoping to push construction reforms on behalf of their members for the next legislative session.
Progressive lawmakers are gearing up to push for legislation that has real estate on alert, including the REST Act to expand rent-stabilization to jurisdictions beyond the five boroughs, a statewide version of COPA known as the Tenant Opportunity to Purchase Act and a bill aiming to “end predatory home flipping” with a new tax. They grew their numbers considerably in Wednesday’s election, but still face a legislative battle with more moderate Democrats and a smaller Republican minority who may stand in their way, along with a governor who may no longer feel pressure to play ball with the Assembly and State Senate on housing issues.
What we’re thinking about: Do you think the industry holds sway over the legislative agenda after last night’s election results? If you’re here at Somos to find out, let me know at ben.miller@therealdeal.com.
A thing we’ve learned: New York politicians could be heading for a new kind of trifecta, not along partisan lines, but with five borough-bred leaders controlling the presidency, House and Senate if Brooklynites Hakeem Jeffries and Chuck Schumer ultimately step into their majority leader roles for their respective chambers joining Queens-born President Donald Trump.
Elsewhere…
— Bus and bike lanes are on the fast track after voters approved a ballot measure to reform the process for streamlining street safety projects, with the mayor’s office estimating that the changes will cut down timelines by at least 33 percent, Gothamist reported.
— Mayor Mamdani spent his post-election Wednesday morning listening to testimony on COPA and Romanch’s Law, the legislation set to ban the carriage horse industry, which both passed the City Council recently. The mayor has supported both bills, but didn’t sign either into law just yet, amNY reported.
— Democrats won local races across four competitive districts in southern Brooklyn, defeating Republican opponents in a part of the city where the party had lost its grip in recent years, City & State reported. Chris McCreight beat Alec Brook-Krasny for a district spanning Bay Ridge and Coney Island and Joey Cohen-Saban beat Assembly member Michael Novakhov across Midwood, Gravesend and Manhattan Beach, while Larry He is expected to win out over State Senator Steve Chan and Joyce Xiaoquiong Xie is poised to replace Assembly member Lester Chang in a district that includes Bensonhurst and Sunset Park.
Closing time
Residential: The most expensive residential real estate deal recorded Wednesday was $30.8 million for a 7,675-square-foot condominium at 111 Murray Street in Tribeca. Emily Sertic with Douglas Elliman had the listing.
Commercial: The highest price for a commercial sale was $217.5 million for the 486,839-square-foot office building at 1359 Broadway in the Garment District. The Real Deal reported the sale by Empire State Realty Trust to Thor Equities in August.
New to the Market: The highest price for a residential property hitting the market is $17.5 million for a 3,782-square-foot townhouse at 155 West 12th Street in the West Village. Deborah Kern with The Corcoran Group has the listing. The property last sold for $10.75 million in 2020.
