T
his week in NYC real estate, the spotlight shone on Andrew Cuomo's housing plan, which drew both praise and criticism. The former governor and current mayoral candidate proposed building 500,000 homes over a decade and creating a $5 billion capital fund to finance housing, but critics argue his plan lacks details on execution.

    Cuomo's plan was met with skepticism from other candidates, who accused him of being too close to the real estate industry. A joint press conference by progressive contenders Zohran Mamdani, Brad Lander, Zellnor Myrie, and Adrienne Adams highlighted their concerns about Cuomo's ties to developers.

    Meanwhile, Feil Organization is finally moving forward with a luxury office-to-resi conversion at 140 West 57th Street on Billionaires' Row. The project, which has been stalled for over 15 years due to zoning regulations and lawsuits, will turn the 14-story building into 47 condos.

    Another major development was discussed at a City Planning Commission meeting: Apollo Global Management, RXR Realty, and SL Green Realty plan to convert the 38-story office building at 5 Times Square into up to 1,250 units of housing, with 25% set aside as affordable. This is an increase from the previously planned 942 units, and the project may qualify for a new property tax break.