New Tenant for the Former Times Square Red Lobster
By Manhattan Real Estate Tracker, September 2, 2026
A former Red Lobster at West 41st Street, 582 Seventh Ave., is about to be converted into a large new restaurant complex. Corner Table Restaurants has signed a 17,000 square foot lease for the fifth restaurant of the popular American bistro.The Smith and a slice shop called Parla, Corner Table’s pizza brand on the Upper West Side. The new restaurant is slated to open in 2028.
The legislation, Intro. 0655, makes the City’s Dining Out NYC program’s use of roadway outdoor dining permanent. It removes an earlier requirement that restaurants dismantle outdoor dining structures between Nov. 30 and March 31. The city will issue guidelines on winterizing them, but restaurants that participate will be able to keep their street setups throughout the year. The New York City Department of Transportation is expected to release those regulations in the coming months.
Mayor Mamdani said the seasonal removal mandate meant restaurant operators had to take down and rebuild their outdoor spaces constantly, which increased expenses and made long-term planning tough.The permanent program builds on the City’s reinvention of outdoor dining during the pandemic.
“Too many restaurants and cafes have been locked out of our roadway dining program by unnecessary red tape and seasonal restrictions,” said Intro. 0655, sponsored by Council Member Lincoln Restler. NYC DOT says the long-term initiative will create more resilient, accessible, and clean roadway configurations. If eateries want to continue operating those spots in winter, the agency will impose additional restrictions.
This trade-off is reflected in the City’s outdoor dining program, which enables eateries to construct dining areas on select stretches of streets that would otherwise be reserved for parking or other uses. Permanent roadside dining means drivers won’t always have outdoor seating areas in the winter. The Department of Small Business Services has also backed the changes as part of Mamdani’s Open for Small Business campaign.
New York is the First State to Place a Moratorium on New AI Data Centers
By Manhattan Real Estate Tracker, July 15, 2026
Governor Kathy Hochul signed the country’s first moratorium on new hyperscale data centers today, along with the strongest regulations for data center development and a plan to support local communities. The governor is temporarily suspending state environmental permits for a maximum of one year in order to establish a nation-leading regulatory framework that protects ratepayers, the environment, the energy system, and communities throughout the state.
According to Coresite, they presently operate three data centers in the NYC metro area, with two in Secaucus, New Jersey, and the other one in Manhattan at 32 Avenue of the Americas.
“As data center development threatens to hike up utility bills, deplete our natural resources, and create uncertainty for New Yorkers, it’s my responsibility to take action and lead,” said New York Governor Kathy Hochul. Hochul also said that she would pursue legislation to repeal sales tax exemptions for large data centers.
The construction moratorium will apply to data centers that use 50 megawatts or more of power according to the governor’s office. The state’s Department of Environmental Conservation will not issue any discretionary permits not already deemed complete during the moratorium, the governor’s office said.
Google: Coresite data center at 32 Avenue of the Americas in Manhattan
Albany Weighing More Taxes for Real Estate in New York City
By Manhattan Real Estate Tracker, May 24, 2026
High-value NYC homes are the focus of Albany’s 2026 real estate tax proposals, which aim to reduce municipal budget shortfalls. A Pied-à-Terre tax and a 1% all-cash purchase tax are the two primary tax ideas that state legislators have discussed; however, the latter has encountered significant opposition and may be eliminated from the budget.
The Tax on Pied-à-Terre: Non-primary residences are the object of this yearly surcharge. It is intended to raise around $500 million a year to assist address the budget gap in New York City, with an initial focus on luxury second residences. A sliding-scale annual levy for flats with high assessed market values was proposed by Mayor Zohran Mamdani and Governor Kathy Hochul.
The 1% All-Cash Purchase Tax: A one-time transaction tax on upscale, all-cash purchasers was also proposed by state legislators. The proposal is to impose an additional 1% tax on the total sale price for buyers who purchase a NYC property (main or secondary) without a mortgage for more than $1 million.
Real estate organizations like the Real Estate Board of New York strongly oppose these taxes, which could be removed from the final budget. Visit the official New York State Governor’s Newsroom to keep up with current state budget updates.
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.
