T
he rent guidelines board season has begun, pitting landlords and tenants of rent-stabilized housing against each other. A recent study found that buildings' net operating income jumped 8% between 2022 and 2023 when adjusted for inflation. Landlords claim the study's findings are skewed by including irrelevant buildings, while tenant advocates argue they support a rent freeze.

    A major lawsuit has been filed against the City of Yes initiative, which aims to add 80,000 homes over the next 15 years through rezoning. Over 100 groups and lawmakers have asked a state court to annul the plan, alleging that Eric Adams' administration failed to conduct a comprehensive review of its environmental impact.

    In real estate news, Eliot Spitzer has agreed to sell his Upper East Side rental building for over $800 million to Miki Naftali. The buyer is known for condo projects and may convert the property into condos. Meanwhile, the buyer of an $80 million penthouse at 520 Park Avenue is suing the Zeckendorfs for fraud, alleging they failed to disclose a planned skyscraper that would obstruct the penthouse's Central Park view.

    Additionally, KS Group has secured $300 million in construction financing to revive the long-stalled Astoria Cove project in Queens. The project will deliver over 2,800 units across three phases and includes mixed-use buildings, residential towers, and commercial space.