Crain's New York Business (2025)

11/11/2025

The city's luxury residential market had a banner week following democratic socialist Zohran Mamdani's mayoral win, shattering any initial concerns that his mayoralty would send New York elites packing.

Buyers scooped up 41 high-priced condos, co-ops and townhouses in the five days after Mamdani's Nov. 4 victory, according to Olshan Realty, which tracks luxury contract activity. The tally continues a four-week hot streak that some feared would end with a Mamdani win.

It was also the first time since May that New Yorkers inked more than 40 contracts for apartments with price tags above $4 million, more than half of which were signed between Nov. 5, the morning after election day, and Nov. 9.

"Despite all the handwringing about democratic socialist Zohran Mamdani and his perceived negative impact on the real estate market, 24 of the 41 contracts were signed in the days after his victory," co-authors Donna Olshan, president, and Emily Chen, chief of research at Olshan, wrote in the report.

Read more here: https://www.crainsnewyork.com/real-estate/luxury-residential-sales-streak-continues-after-zohran-mamdani-win?utm_source=facebook&utm_medium=soc-own

10/11/2025

A former private school building on the Upper West Side, now slated to become a homeless shelter, has traded hands for the second time in two years, records show.

An entity named after the address that appears to be affiliated with Manhattan-based real estate firm Apex Investments acquired the 5-story former Calhoun School at 160 W. 74th St. for $26.4 million, according to a deed that appeared in the city register last week. The signatory for the buyer was Kasra Sanandaji, a principal at Apex.

The seller was Bayrock Capital, which purchased the property in 2023 for $14 million — almost half of what it just raked in — with plans to convert the 16,267-square-foot educational facility into residences, Crain's reported at the time.

Five months later, the city announced that the former Calhoun School, between Columbus and Amsterdam avenues, would become a women's shelter with a 146-bed capacity. To be operated by Midtown-based nonprofit Volunteers of America through a contract with the Department of Social Services, it was originally slated to open by fall 2024 but was pushed back, local news website West Side Rag reported. It's unclear at this time when it will open.

Read more here: https://www.crainsnewyork.com/real-estate/uws-building-slated-become-homeless-shelter-sells?utm_source=facebook&utm_medium=soc-own

07/11/2025

Mayor-elect Zohran Mamdani's policies, if he follows through, will reshape the city’s streetscape.

He has pledged to revive the city’s flagging outdoor dining program, overhaul how the city works with street vendors, and finish a laundry list of bus- and bike-lane projects that stalled under Mayor Eric Adams. Pedestrian spaces could also see a big new roll-out if Mamdani gets his way, beginning with Time Square and the Financial District.

The city’s small business and transportation leaders say they're excited to work with the administration, and that curbside businesses could benefit.

An Adams administration restructuring of the pandemic-era program, Dining Out NYC, requires sidewalk seating sheds be disassembled and stored from the end of November through March, a cost-prohibitive stipulation, Rigie said, that has reduced the number of businesses willing to participate. That's down from a peak of nearly 13,000 during the pandemic to currently more than 1,000. Mamdani has said he wants to return the initiative to a year-round one and to streamline the application and permitting process.

Read more here: https://www.crainsnewyork.com/politics-policy/mamdanis-streetscape-vision-could-transform-outdoor-dining-and-transit?utm_source=facebook&utm_medium=soc-own

06/11/2025

Amtrak is testing new trains on the Northeast Corridor to replace its aging fleet, but don’t expect to set foot on one in New York until 2027 at the earliest.

The railway plans to launch 83 sleek new trainsets (up to seven train cars) beginning on the Cascades Corridor of the Pacific North West next year, followed by a launch on the Northeast Regional line in late 2027 or early 2028, said Laura Mason, Amtrak’s executive vice president of capital delivery.

The new trains are designed to improve the rider experience with bright, spacious interiors and easier access for wheelchair users, and come just three months after Amtrak launched the new Avelia Liberty train for its premium business travelers who ride on Acela.

Read more here: https://www.crainsnewyork.com/transportation/new-york-riders-face-long-wait-amtraks-newest-trains?utm_source=facebook&utm_medium=soc-own

05/11/2025

Zohran Mamdani got his mandate Tuesday — or enough of it anyway, with half the vote against Andrew Cuomo and Curtis Sliwa, writes columnist Ross Barkan. It was the city’s highest turnout election since at least 1969, and the city itself, for the moment at least, seems to have realigned.

Mamdani, a 34-year-old democratic socialist, is set to take office in January. For the city’s powerful business community, which at various points during this long campaign, blasted away at Mamdani, this is an election unlike any they’ve experienced.

Every prior mayor of the modern age had at least some working or close relationship with big business. Wall Street titans may have hated Bill de Blasio, but he, like Eric Adams, was very close to several major real estate developers. Michael Bloomberg, of course, was a billionaire businessman himself.

For the donors who cut large checks to Cuomo in hopes of toppling Mamdani, they will have to recalibrate. He’s got the power now. By nature, he’s not vindictive, and he’s held meetings with ABNY and other business interests. He is, at the minimum, willing to listen.

What happens next? Mamdani will have political capital to spend. Some of his agenda, like universal child care and free buses, won’t be furiously opposed. It will be a question of whether Mamdani can win cash for his programs in Albany.

Read more here: https://www.crainsnewyork.com/politics/politics-zohran-mamdanis-victory-signals-major-shift-new-york-business?utm_source=facebook&utm_medium=soc-own

04/11/2025

As Zohran Mamdani fends off a potential surge by Andrew Cuomo in the election, New York City’s business titans are wrapping their heads around the democratic socialist’s potential mayoralty. But that doesn’t mean they’re happy about it.

“Nobody in the business community is concerned about Zohran turning New York socialist because they know he can’t,” said Kathryn Wylde, president of the Partnership for New York City, who spent the weeks after Mamdani’s shock primary victory explaining to her CEO members that mayors lack the power to upend the city’s economic order. “People now understand that the protections are in place and that the mayor does not have the power to restructure our tax base,” she said.

Still, there is much at stake for the business community in Tuesday’s election, which will decide who leads a 300,000-person, $116 billion government with broad power over the streets, classrooms, police force and office towers of the world’s financial capital.

Read about what the business community will be watching as polls close on Tuesday here: https://www.crainsnewyork.com/politics-policy/whats-stake-new-york-business-mayoral-election?utm_source=facebook&utm_medium=soc-own

03/11/2025

Even as U.S. health care venture capital fundraising is down, healthtech AI deal activity has doubled since 2022. Nearly a third of health care investments in the first half of this year were AI-related.

Technology is the future — and New Yorkers are acting on that. According to Digital Health New York, the health care industry in New York saw $4 billion in funding in 2024, a 60% increase from the previous year. The biotech sector was the leading beneficiary, reaping more than a quarter of that windfall.

With that in mind, Crain’s New York Business is delighted to present our 2025 Notable Leaders in Health Care Technology. The 31 honorees listed here are guiding the industry forward, overseeing researchers, advising on telehealth policy, leveraging AI to enhance patient experiences and more. We are sure you’ll join us in applauding their great strides.

Read about each honoree here: https://www.crainsnewyork.com/awards/notable-leaders-health-care-technology-2025?utm_source=facebook&utm_medium=soc-own

03/11/2025

A trio of SoHo lofts linked to the neighborhood’s artistic heyday could soon change hands as the neighborhood evolves.

In recent weeks, the large co-ops, each owned by prominent figures in the city’s late-20th-century arts scene, have independently come on the market in the latest sign that the area is moving away from its bohemian roots.

From West Broadway to Greene Street to Broadway, the distinctively-of-their-time apartments—open floor plans in industrial-size spaces studded with artwork from VIP neighbors—will likely not remain in their current condition for long.

Buyers, after forking over millions, will probably retool them into more traditional and much plainer residences based on past transactions. So seeing them in their original state, courtesy of their real estate listings, is like unearthing a time capsule.

But until they are bought, the artsy homes featured below boast that vintage style in spades.

Read more about each loft here: https://www.crainsnewyork.com/real-estate/three-soho-lofts-come-market-first-time-decades?utm_source=facebook&utm_medium=soc-own

02/11/2025

Increasing the city's housing supply has been one of the driving goals of Mayor Eric Adams' administration, and with the City Council's recent passage of the rezoning of Jamaica, Queens, to allow for more residential development and its likely approval of one in Long Island City before the end of the year, the administration seems to be wrapping up its to-do list.

Mayor Eric Adams nodded to this recently at an event announcing a planned rezoning for a notoriously flood-prone industrial area of Brooklyn and Queens known as "The Hole" that could bring up to 5,000 new homes to the neighborhood.

Although he pledged to kick it off before he leaves office at the end of the year, he acknowledged that the next mayoral administration would need to see the full process through given his decision not to seek reelection amid low poll numbers.

Overall, the Adams administration has ushered through four rezonings of neighborhoods where new housing development had previously been much more limited.

Andrew Fine, policy director at the pro-housing group Open New York, said the group has been "thrilled" in general with the initiatives that passed under Adams. However, Fine said, there is still much work to be done even by the standards Adams himself had laid out.

Read more here: https://www.crainsnewyork.com/real-estate/look-mayor-eric-adams-neighborhood-rezonings?utm_source=facebook&utm_medium=soc-own

31/10/2025

A downtown office skyscraper that was scooped up by its lender at a foreclosure auction in June is poised to be converted into residential housing, records show.

Christopher Giovanis, vice president at InterVest Capital Partners, filed plans this week to convert the 48-story office tower at 30 Broad St. in the Financial District into a 49-story apartment building with retail on the ground floor.

The conversion of the property, located between Exchange Place and Beaver Street, would entail building an additional floor, bringing the building to 49 stories and adding 6,486 square feet of space; the property would expand to a total size of 455,165 square feet, records show.

The residential portion of the renovated property would contain 521 rental units spanning 405,399 square feet, with 4,193 square feet of retail space on the ground floor, occupied by two commercial units. It would also include a fitness center, a yoga room, a lounge and a roof deck.

Read more here: https://www.crainsnewyork.com/real-estate/intervest-capital-partners-and-rose-associates-planning-convert-fidi-office-tower?utm_source=facebook&utm_medium=soc-own

30/10/2025

The city and state will foot part of the bill for a $335 million redevelopment of the westernmost part of Lincoln Center’s campus to expand its outdoor venue space in hopes of attracting new audiences to the arts organizations it hosts.

The Lincoln Center for the Performing Arts project plans to tear down a concrete wall that’s as high as 13 feet in some places along Amsterdam Avenue and build a 2,000-seat outdoor stage area facing the avenue in Damrosch Park, a city park with a bandshell for outdoor performances that is currently more plaza than park due to its lack of greenery.

To pay for the undertaking, Lincoln Center has asked the city to contribute just over $15.7 million and for the state to provide $10.1 million to help finance the effort, project officials told Crain’s. Lincoln Center has so far raised $216 million in private funding to pay for the rest of the project, including a $75 million gift from the Stavros Niarchos Foundation.

Read more here: https://www.crainsnewyork.com/real-estate/lincoln-center-campus-redevelopment-get-285m-new-york-city-and-state?utm_source=facebook&utm_medium=soc-own

29/10/2025

Oct. 29 marks 13 years since Superstorm Sandy inundated the city’s coastal communities with storm surge and rain — causing more than $70 billion in damage — and made it painfully clear that the region’s infrastructure was unprepared for increasingly powerful storms due to a changing climate.

If Superstorm Sandy occurred today, several of the same coastal neighborhoods it destroyed would again face floods, but the damage would at least be less severe thanks to several climate infrastructure projects built or making progress along the city’s waterfront.

Read about four projects that could defend property and lives from future coastal floods here: https://www.crainsnewyork.com/climate/13-years-after-superstorm-sandy-new-york-city-reshapes-its-waterfront?utm_source=facebook&utm_medium=soc-own

Crain's New York Business

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