Midtown South Mixed-Use Rezoning for Over 9500 Apartments is Passed by City Council

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Midtown South Mixed-Use Rezoning for Over 9500 Apartments is Passed by City Council

By Manhattan Real Estate Tracker, August 18, 2025

Wikipedia,

After the pandemic, Midtown Manhattan was left with large amounts of office space that was no longer being leased as employees began to work more from home.  While a lot of employees have returned to work, there are still several buildings where residential conversions will be performed.  The Midtown South Mixed-Use Plan, the biggest residential neighborhood rezoning plan in 20 years, was adopted by the New York City Council today. It is expected to result in the construction of about 10,000 new housing units. More than $400 million will be invested in Midtown South’s infrastructure and neighborhood. The Council decided to approve legislation that would increase the security of childcare facilities, legalize the City’s cooling center program, and remove obstacles to supportive housing.

“To confront the citywide housing and affordability crisis, our city must build more homes and invest in housing solutions that allow generations of New Yorkers to remain in this city,” said Speaker Adrienne Adams. “The Council is proud to approve the historic Midtown South Mixed-Use Plan, as well as other housing projects, that will deliver over 10,000 new homes. The Midtown South Mixed-Use Plan will also invest nearly $488 million to preserve and support our city’s Garment District industries and help meet the needs of the surrounding communities. I thank my Council colleagues for their hard work and partnership to approve these rezonings that will benefit our communities for generations to come.”

More information on the rezoning can be found on the city council website here.

Disclosure of Fees Under the City’s New FARE Act

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By Manhattan Real Estate Tracker, August 10, 2025

On June 11, 2025, the Fairness in Apartment Rental Expenses, or FARE Act, went into effect. This law states that whoever hires the broker, pays the broker. It forbids brokers from charging tenants broker fees on behalf of landlords. Brokers who post listings with the landlord’s consent fall under this category. Other costs that the tenant must pay must be disclosed by landlords or their representatives in rental agreements and listings. More information can be found on the city’s website here.

There are two occasions when fees must be disclosed under the FARE Act. On the rental listing, fees that a prospective tenant must pay for the rental of an apartment must be conspicuously disclosed. These include application fees, and any other fees payable prior to lease signing. In addition, prior to lease signing, landlords or their agents must give tenants an itemized written disclosure of all fees the tenant must pay the landlord, or any person at the direction of the landlord, in connection with the rental of the apartment. The fees must include a written description, and the tenant must sign the itemized disclosure before signing a lease. Landlords or their agents must keep the signed disclosure for three years and give a copy to the tenant.

Elizabeth Street Garden Will Not be Developed by the City

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The Elizabeth Street Garden will not be Developed by the City

By Manhattan Real Estate Tracker, August 8, 2025

The Elizabeth Street Garden will remain a permanent public green space under a new agreement announced July 23, 2025 by Mayor Eric Adams.

The original proposal was for the city to build an affordable housing development on the site of the Elizabeth Street Garden. Now instead the city will construct more than 600 new affordable housing units across three alternate sites in Lower Manhattan including the Financial District, the Lower East Side, SoHo and Tribeca. The original plan for the site included 123 units of affordable senior housing and a new public garden space.

Mayor Adams stated, “The best way to tackle our city’s housing crisis is to build as much affordable housing as we can. The agreement announced today will help us meet that mission by creating more than five times the affordable housing originally planned while preserving a beloved local public space and expanding access to it.”

Rezoning efforts for three separate locations in the surrounding area at 156-166 Bowery in Nolita, 22 Suffolk St. on the Lower East Side and 100 Gold St. in the Financial District will be undertaken. The Bowery site in Nolita is anticipated to include at least 123 affordable apartments for seniors.

The Elizabeth Street Garden is a one-acre community sculpture garden in Nolita at Elizabeth Street between Prince and Spring Streets. The garden is owned by the city government and managed by the Elizabeth Street Garden (ESG) nonprofit and is available for the public for general use and community events.

Under the new agreement, the garden will expand its hours to the public from 8 a.m. to 8 p.m. and it is possible that it may become one of the city Department of Parks and Recreation’s green spaces. However, the city said it will retain the right to revisit plans for housing for the garden site if the rezoning for the three new alternate sites does not go forward.

FARE Act Became Law in New York City on June 11, 2025

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By Manhattan Real Estate Tracker, June 13, 2025

The “Fairness in Apartment Rental Expenses Act” or the “FARE” Act has become law in New York City.  This law, also known as “Local Law 119 of 2024”: (1) prohibits landlords from passing on to prospective tenants the fees of landlords’ hired agents (brokers); and (2) requires landlords to explicitly disclose all fees that tenants must pay to rent an apartment before tenants sign a rental agreement.

On June 11, 2025, the FARE ACT statute became operative. The legislation forbids listing agents and other agents employed by the landlord from charging fees to potential tenants. A landlord’s agent represents the landlord in the rental of an apartment. A listing agent publishes apartment listings with the landlord’s permission.

The law allows for landlords to charge a fee as per subdivision 1 of section 238-a of the Real Property Law which limits “the actual cost of the background check and credit check or twenty dollars, whichever is less, and the landlord, lessor, sub-lessor or grantor shall waive the fee or fees if the potential tenant provides a copy of a background check or credit check conducted within the past thirty days.”

A landlord can be liable for violations committed by the landlord’s agent or the listing agent if (1) the landlord’s agent charges a fee to a tenant to rent an apartment; and/or (2) the listing agent charges a fee to a tenant to rent an apartment.

The law prohibits landlords from requiring renters to rent an apartment through a certain agent. Additionally, the law forbids landlords from making tenants hire a dual agent, who serves as both the landlord’s and the tenant’s agent.

No one can condition the rental of an apartment on tenants hiring a broker, including a dual agent. The law prohibits requiring tenants to pay a broker to rent an apartment, even if the broker claims to be a tenant’s broker.  The law allows a tenant to (1) choose to hire their own broker and pay broker fees; and (2) allows brokers to advertise their services to tenants.

With regard to advertising, the law regulates listings of rental apartments: (1) no one can include an unlawful broker fee; and (2) all fees that tenants must pay to rent an apartment must be disclosed in a clear manner. Landlords and their agents/brokers must give tenants a written disclosure of all fees they must pay to the landlord, or any person at the direction of the landlord, to rent an apartment. The fees must include a written description, and the tenant must sign the itemized disclosure before signing a lease. Landlords or their agents must keep the signed disclosure for three years and give a copy to the tenant.

Additional information on the FARE Act can be found at NYC.gov.

FARE Act Passed by New York City Council

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By Manhattan Real Estate Tracker, December 18, 2024

FARE Act Passed by New York City Council

The FARE Act, also known as Introduction 360-A, became law on December 14, 2024. Mayor Adams did not sign the law. The new rule forbids landlords from charging potential tenants the fees of brokers they engage, and it will go into force 180 days after it is passed.

The full press release by the City Council can be found here.

Heating and Hot Water Requirements for Apartments in the Five Boroughs of New York City

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Heating and Hot Water Requirements for Apartments in the Five Boroughs of New York City

By Manhattan Real Estate Tracker, November 13, 2024

Residential tenants are legally entitled to hot water and heat from building owners. A consistent minimum temperature of 120 degrees Fahrenheit must be maintained for hot water throughout the year. During the “Heat Season,” which runs from October 1 to May 31st, heat must be supplied under the following circumstances:
Day
If the outdoor temperature drops below 55 degrees between the hours of 6:00 am and 10:00 pm, the interior temperature must be at least 68 degrees Fahrenheit.
At night
The inside temperature must be at least 62 degrees Fahrenheit between 10:00 p.m. and 6:00 a.m.

From NYCHPD

City Council to Vote on FARES Act Tomorrow

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City Council to Vote on FARES Act Tomorrow

By Manhattan Real Estate Tracker, November 12, 2024

Tomorrow the City Council will be voting on the FARES act, a bill that is sponsored by Brooklyn Council Member Chi Osse (D).

A day before the bill is anticipated to pass the chamber, Mayor Eric Adams voiced reservations on Tuesday regarding City Council legislation that would exclude the majority of renters from paying real estate broker fees. Adams stated during his weekly off-topic news conference on November 12 that although he supports the FARE (Fairness in Apartment Rentals) Act’s premise, he thinks it will have unexpected consequences. If the FARE Act is passed, the person who hires a real estate broker would have to pay the fee, which is typically passed on to the renter. Adams argues that the law would force landlords to pay for brokers themselves, despite supporters’ claims that it would remove a significant upfront financial burden for renters.

According to Adams, “Some of the ideals collide with the reality of the operationalizing implementation,” Adams said. “We got to get it right, make sure that we reach the goals that we’re looking for, and at the same time don’t hurt small property owners and try to get some relief to some of those who are trying to live in the city … I think the bill has the right intention, but sometimes good intentions do not get the results you’re looking for.”

In response to the mayor’s remarks, Brooklyn Council Member Chi Ossé (D), the bill’s primary sponsor, wrote on social media on Tuesday that the measure would result in lower rent payments rather than higher rent. Minutes after claiming that Democrats lost the presidential election to Donald Trump due to the party’s failure to address “pocketbook issues,” Ossé also criticized the mayor for not fully endorsing the proposal.

If the measure is passed, renters will no longer be able to choose from apartments that are listed with or without broker fees.

Ares Management to Acquire a Large Hell’s Kitchen Residential Building

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Ares Management to Acquire a Large Hell’s Kitchen Residential Building

By Manhattan Real Estate Tracker, November 12, 2024

The majority (75%) of 525 West 52nd Street will be purchased by Ares Management. The deal was structured to incorporate an assumed $200 million loan at a below-market rate. This building was designed by Handel Architects. According to the building’s website, the apartments include state-of-the-art appliances, including in-home Bosch washers and dryers, high ceilings, and rooms are framed by oversized windows showcasing city and river views. Current availabilities range from approximately $3600 for a studio to $8000 for a two bedroom. It’s great living in Hell’s Kitchen.

Corcoran Group Data Indicates Number of Signed Residential Leases Continues to Decline

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By Manhattan Real Estate Tracker, September 13, 2024

The latest residential leasing report by Corcoran indicates that while average rents continued to increase by 4%, the number of reported signed leases has declined in eight of the last nine months. The number of signed leases decreased annually by 15% to fewer than 4,800 lease – the lowest level since the early stages of the pandemic in June 2020. Corcoran concludes that “a larger portion of Manhattan’s renters have decided to stay put.”

Gary Malin, Chief Operating Officer, The Corcoran Group stated:

“Median rents in both Manhattan and Brooklyn continued their rise during June and are now at new all-time highs in both boroughs. However, it is important to note that the number of lease signings slowed on both sides of the East River, falling a substantial 14% and 23% in Manhattan and Brooklyn, respectively, when compared to May. Historically, activity increases as we enter summer, so the record-high pricing might be keeping some apartment seekers on the sidelines or choosing to explore options in other boroughs or locales. It will be interesting to see if this trend reverses as we move through the season. At a certain point, there is a limit to how much a renter is willing — or able — to pay. Barring a turn-around, landlords may need to increase incentives or make the necessary adjustments to spur greater numbers of tenants to act.”