BEST & FINAL

It's here! Manhattan’s first Midtown South conversion under new zoning signals the next era of adaptive reuse. Major capital shifts, high-stakes litigation, and political promises collide in today's Best & Final—where policy meets property and the city’s next phase begins.

MCM offloads nearly its entire equity stake in a $489.8 million hotel portfolio — marking Manhattan’s largest trade since the Safe Hotels Act. Meanwhile, RXR recapitalizes 1211 Avenue of the Americas for $1.45 billion, Vanbarton pushes a 440-unit conversion in Midtown East, and lenders escalate enforcement across the multifamily sector.

The office-to-residential conversion boom has reached levels not seen since 2008 — reshaping Manhattan’s skyline and balance sheets. Jordan Shea unpacks the data behind the 4.1 million square feet already underway, the Midtown shift, and the policy incentives fueling it. Plus: office leasing rebounds, new developments rise, and $18B in federal funding stalls key infrastructure. 

New York pushes $1.8B into housing, Citi Field’s $8B casino bid advances, a 1,600-foot Midtown supertall gets the green light, and condo supply hits a decade low — today’s Best & Final breaks down the moves reshaping the city’s real estate market.

New York is reshaping its skyline from the ground up. Today’s briefing covers the Adams administration’s push to unlock nearly 10,000 homes across city-owned sites, RXR’s billion-dollar bet on 590 Madison Avenue, distress rippling through the rental market, major outer-borough financings, and the latest casino greenlight in Queens.

Today’s brief tracks Harry Macklowe’s bold move on Madison Avenue, where the veteran developer is betting big on Landmarks approval to create ultra-luxury condos. We’ll also look at conversions reshaping Midtown and FiDi, major site sales from Tribeca to Crown Heights, and high-profile trades in Hell’s Kitchen and NoHo.

In today’s Best & Final, Jordan Shea unpacks the dramatic committee votes that killed two of the remaining four Manhattan casino proposals, the financial strain gripping affordable housing, the mixed signals coming from the office market, and the latest deals and developments shaping New York real estate.

Chelsea welcomes a new public plaza at One High Line, Midtown gears up for one of the city’s largest office leases, and Louis Vuitton plans an ambitious new Fifth Avenue flagship. We’ll also cover strategic acquisitions in NoHo and Lenox Hill, industrial refinancing across the outer boroughs, and Greenwich’s luxury housing market surging to record highs.

Today’s briefing covers a cleared East Village site awaiting its next chapter, investor David Shapiro’s recent purchases in Chelsea and the Lower East Side, and Aya New York’s $54.7 million acquisition of the Cassa Hotel. We also dive into the mayoral race, where competing tax proposals could reshape the city’s real estate landscape, and close with Douglas Elliman’s Michael Lorber Team expanding to Westchester and Connecticut.

In today’s episode of Best & Final, we take stock of New York City’s real estate market at mid-year. From nearly a thousand new building permits and Manhattan’s office market rebound to the surge in office-to-residential conversions, major investment deals, and the policy fight shaping future development — this is the momentum driving 2025’s home stretch.

Developers LMXD and Domain are reshaping Brooklyn’s waterfront with a billion-dollar vision, delivering over 1,000 new rentals and a major public park. Alloy pushes the limits of sustainable design with the world’s tallest Passive House, while Manhattan sees key acquisitions and campus sales, Penn Station and citywide greenways gain momentum, and real estate power plays spill directly into New York’s elections.

Vornado Realty Trust is reshaping Midtown with a $218 million acquisition at 623 Fifth Avenue while also locking in fresh financing in Greenwich Village. In this 100th episode of Best & Final, we also track the final stages of two major Manhattan developments — One Times Square and JPMorgan Chase’s new supertall HQ — alongside a series of sales, refinancings, and defaults that show both strength and stress in today’s market.

New York City moves forward with its largest tunneling contract ever as the Second Avenue Subway heads into Phase 2, extending the Q line to 125th Street. Today’s episode also covers new developments in Harlem and the Financial District, high-profile sales in Chelsea, SoHo, and Greenwich Village, major refinancing activity, and the mounting challenges facing office owners and distressed portfolios across Manhattan.