According to the U.S. Department of Labor’s Bureau of Labor Statistics, the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6 percent on a seasonally adjusted basis in April, after rising 0.9 percent in March, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all-items index increased 3.8 percent before seasonal adjustment. The index for energy rose 3.8 percent in April, accounting for over forty percent of the monthly all-items increase. The shelter index also increased in April, rising 0.6 percent. The index for food increased 0.5 percent over the month as the index for food at home rose 0.7 percent and the index for food away from home increased 0.2 percent.
Seasonally adjusted one-month change in CPI for all urban consumers (U.S. Department of Labor Bureau of Labor Statistics):
The Community Opportunity to Purchase Act (COPA) may be coming back in a modified form. According to the NYC Commununity Land Initiative, “The Community Opportunity to Purchase Act (COPA) is a proven tool to expand and preserve the supply of affordable housing and combat displacement. NYC Int. 902 is modeled on successful Opportunity to Purchase legislation implemented in San Francisco, Washington, D.C., and other jurisdictions and co-sponsored by 32 City Council Members. More than 120 community, tenant, and affordable housing organizations and coalitions – including the NYC Community Land Initiative (NYCCLI), ANHD, and Housing Justice for All – support COPA.”
NYCCLI states that when a landlord sells a multifamily property, COPA offers eligible organizations, such as community land trusts (CLTs), the first opportunity to bid. In particular, Int. 902 establishes a procedure and deadline for organizations to submit competitive offers: 1. Before listing an apartment building for sale, a landlord is required to give the NYC Department of Housing Preservation and Development (HPD) basic information on the building’s finances and rent roll. 2. Qualified nonprofits have 120 days to submit a competitive bid for the facility and 60 days to notify HPD and the owner of their intention to buy. 3. The landlord may sell the property on the open market if a nonprofit does not indicate that they intend to buy it or if their offer is turned down.
Months after the Council failed to override former Mayor Eric Adams’ veto, Sandy Nurse, a member of the City Council, introduced a revised version of the bill that would give city-approved nonprofits (as well as joint ventures between nonprofits and for-profit developers) the first opportunity to purchase certain distressed multifamily buildings and properties with expiring affordability restrictions. Ms. Nurse described the most recent version as “stronger and more targeted,” with shorter deadlines and more stringent eligibility standards. Buildings with four or more units that satisfy at least one of several distress criteria—such as an average of three or more hazardous violations per unit per year (up from one in the previous version), inclusion in the city’s Alternative Enforcement Program, in rem foreclosure status, unresolved underlying-condition violations lasting at least a year, or a recent denial of a certification of no harassment—would be covered by the bill.
Although the amended law exempts 421a properties and concentrates on smaller rent-regulated assets, it would also encompass buildings with fewer than 100 units that are subject to expiration affordability constraints within two years. Nurse claimed that cutting the deadline by 15 days would have little practical impact, particularly since the bill permits organizations to sue owners for suspected noncompliance, which might cause months-long delays in purchases. One significant modification was that owners would no longer be subject to vague civil fines imposed by judges for breaking the law. Instead, owners who neglect to give the necessary notice of intent to sell would be subject to fines of up to 15% of the sale price. The Mamdani administration supports the bill.
Former ABC Lincoln Center Complex to be Developed by Extell
By Manhattan Real Estate Tracker, April 27, 2026
Manhattan Real Estate Tracker, 2026
The ten-story structure at 147 Columbus Avenue, which was once a part of the ABC/Disney campus, is currently being demolished by Extell Development to make way for a significant residential project. Plans for an 86-story, 1,198-foot residential supertall skyscraper at 80 West 67th Street, which is a component of the same block-wide, multi-phase premium residential transformation project, were submitted by Extell Development as of April 2026. The building at 147 Columbus Avenue, which formerly housed the local ABC-7 news studio on the ground floor where pedestrians could watch the live newscast from the street, has already been demolished.
In addition to 147 Columbus Avenue, the 2.4-acre old ABC/Disney site includes 149 Columbus Avenue and a number of 66th and 67th Street residences. The demolition that began last year will continue this year. The project’s height has drawn criticism from the community as possible proposals call for 25-story structures, luxury homes, and some reasonably priced apartments. The building will be close to the height of the Empire State Building.
The construction is anticipated to take place between 2027 and 2030. The NYC Department of Transportation has approved the maintenance of pedestrian, bicycle, and vehicle routes surrounding the building site. Flagmen will man the entry and departure points for construction trucks.
Gary Barnett of Extell, provided neighborhood members with information during a community board meeting last year. The structure is 1,200 feet tall. We want to do that,” he informed the community board. A structure of such height would be over twice the size of 200 Amsterdam Ave. and around one-third the height of 50 West 66th St., the two highest structures in the area.
There is a limit on the square footage of properties that can be constructed in the city. If that amount is not reached, the remaining portion may be transferred among properties owned by the same developer or sold as air rights, according to city regulations. In order to optimize the height of the possible residential building, Extell is merging the unutilized air rights for six structures.
The former ABC properties are not included in the Special Lincoln Square District, which has building regulations, in contrast to the remainder of this area of the Upper West Side. Guidelines for height are part of that.
The proposed Caesars Palace Times Square casino was struck down by the Community Advisory Committee having rejected it 4-2 in September 2025. The community citied traffic issues and the economic impact on the theater district. This resulted in ending , therefore halting SL Green Realty, Caesars Entertainment, and Roc Nation’s bid for a state gaming license. A large casino was proposed at 1515 Broadway, which is currently home to the Minskoff Theatre and owned by SL Green Realty. The New York State Gaming Commission approved three casinos, Bally’s Bronx at Ferry Point near Throgs Neck, Hard Rock Metropolitan Park in Willets Point, Queens and Resorts World New York City at Aqueduct Racetrack. These casinos are going to open by 2030.
Barbetta, the Oldest Italian Restaurant in Manhattan Closes Friday, February 27, 2026
By Manhattan Real Estate Tracker, 2026
The oldest Italian restaurant in Manhattan is closing tomorrow after 120 years on Restaurant Row at 321 West 46th Street. The owner, Laura Maioglio passed away last month.
By Manhattan Real Estate Tracker, November 20, 2025
The U.S. Bureau of Labor Statistics released the September 2025 jobs report later than usual because of the recent government shutdown. The nonfarm employment increased by 119,000 as the unemployment rate remained at 4.4%. The results indicate that there may be another rate cut in December 2025. Here is a portion of the release from the U.S. Bureau of Labor Statistics:
THE EMPLOYMENT SITUATION – SEPTEMBER 2025
Total nonfarm payroll employment edged up by 119,000 in September but has shown little change since April, the U.S. Bureau of Labor Statistics reported today. The unemployment rate, at 4.4 percent, changed little in September. Employment continued to trend up in health care, food services and drinking places, and social assistance. Job losses occurred in transportation and warehousing and in federal government.
This news release presents statistics from two monthly surveys. The household survey measures labor force status, including unemployment, by demographic characteristics. The establishment survey measures nonfarm employment, hours, and earnings by industry. For more information about the concepts and statistical methodology used in these two surveys, see the Technical Note.
By Manhattan Real Estate Tracker, October 24, 2025
Troubled NYC REIT Reaches Settlement on Foreclosure at 1140 Broadway
In September 2025, American Strategic Investment Company (previously NYC REIT) reached a settlement to resolve a loan foreclosure of $99 million on its office building located at 1140 Sixth Avenue in Midtown Manhattan. A notable illustration of the broader financial difficulties that New York City’s commercial real estate investment trusts (REITs) and other property owners are encountering is the foreclosure. Following a mortgage payment default in April 2025, American Strategic Investment Company (ASIC) collaborated with Wilmington Trust, the lender, to return the property after indicating a lack of cash. According to an ASIC filing, the 22-story, 250,000-square-foot office skyscraper has a 26% vacancy rate in June 2025. As far back as 2022, the company—which was known as New York City REIT until 2021—cited early lease expirations and tenant “financial difficulties” as justifications for violating covenants at this and other properties.
Manhattan Real Estate Tracker has spoken with a former investor in what had been known as NYC REIT and he had lost tens of thousands of dollars. Any type of non-publicly traded investment is very risky. Due your own diligence and beware of scams.
In a July 2019 complaint, the Securities and Exchange Commission (SEC) accused AR Capital LLC, its founder Nicholas S. Schorsch, and its former CFO Brian S. Block of improperly obtaining millions of dollars through two separate mergers involving REITs that AR Capital externally managed between late 2012 and early January 2014. The lawsuit specifically claims that the defendants obtained approximately 2.9 million more operating partnership units (OP units) than they were entitled to as a result of exaggerated incentive fee computations and unsubstantiated asset purchase/sale transactions. Without acknowledging or disputing the accusations, AR Capital, Schorsch, and Block consented to disgorgement, prejudgment interest, and civil penalties totaling more than $60 million.
By Manhattan Real Estate Tracker, October 24, 2025
Consumer Price Index (CPI) Rises Less than Expected
From the U.S. Bureau of Labor Statistics:
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent on a seasonally adjusted basis in September, after rising 0.4 percent in August, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.0 percent before seasonal adjustment. Note that September CPI data collection was completed before the lapse in appropriations.
The index for gasoline rose 4.1 percent in September and was the largest factor in the all items monthly increase, as the index for energy rose 1.5 percent over the month. The food index increased 0.2 percent over the month as the food at home index rose 0.3 percent and the food away from home index increased 0.1 percent.
Core prices, excluding the volatile food and energy categories, rose 3%, below forecasts for a 3.1% increase. The inflation rate for core prices was 2.9% in August 2025. Analysts say that this may result in another interest cut later this year from the Feds.
HDFC Cooperative Apartments for Sale in New York City
By Manhattan Real Estate Tracker, September 20, 2025
Image from Google
The City of New York bought several residential buildings in the 1970s and 1980s that had been abandoned by their landlords and suffered from financial problems. The New York City Housing Preservation and Development agency (HPD) restored parts of these buildings and gradually allowed tenants to purchase their apartments and become shareholders in limited-equity cooperatives known as Housing Development Fund Corporation cooperatives (HDFC coops). More recently, the City has funded and granted tax breaks for the new building, repair, and stabilization of HDFC cooperatives. Today, there are over 1,100 HDFC cooperatives that make up a large portion of New York City’s affordable housing inventory. HDFC cooperatives benefit from lower real estate taxes in exchange for income and resale limits, among other governance constraints.
Cooperatives are a unique type of housing ownership that differs from condominiums, single-family homes, and renting. Owners of cooperative apartments are referred to as “shareholders” since they buy shares in a cooperative business that owns real estate. HDFC cooperatives are incorporated under the New York State Business Corporation Law and Article XI of the New York State Private Housing Finance Law (Article XI), and they are overseen by HPD. In HDFC cooperatives, all shareholders own a same number of shares, regardless of apartment size. Shareholders elect a Board of Directors to make decisions for the cooperative. Typically, a cooperative Board of Directors is chosen on an annual basis.
Most HDFC coop flats for sale are listed, like other coops in the city, by shareholders or the coop’s Board of Directors via brokers and real estate websites. They are sometimes advertised by non-profit groups. Some HDFC coops are featured on the City’s affordable housing lottery system, NYC Housing Connect. The purchasers of HDFC apartments must meet specific legal requirements, including any papers signed by the cooperative with a governmental body and the cooperative’s governing documents. Shareholders and purchasers should always study an HDFC coop’s documentation to confirm the property’s restrictions, and they may wish to consult a lawyer.
More information on HDFC cooperatives can be found here. Streeteasy.com and other local residential sites provides listings of available apartments in the HDFC program.
Tim Ho Wan Has Closed on 9th Avenue in Hell’s Kitchen
By Manhattan Real Estate Tracker, August 23, 2025
Manhattan Real Estate Tracker, 2025
After eight years, the last day open for the Tim Ho Wan restaurant was August 10, 2025. They will continue to operate at 85 4th Avenue in the East Village. A great article on the closing can be found at W42ST.nyc.
