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ew York real‑estate stakeholders are finding reasons to celebrate this holiday season.
**Attorney General Letitia James** is relieved after U.S. District Judge Cameron McGowan Currie dismissed the mortgage‑fraud suit against her. The judge ruled that the prosecutor, Lindsey Halligan, was improperly appointed by the Justice Department, so the case was thrown out “without prejudice.” While the indictment can theoretically be refiled, Halligan’s ineligibility makes that path uncertain. The federal grand jury had charged James with falsely marking a Virginia home she and her niece bought as a primary residence, misrepresenting the number of units in a Fort Greene row house, and falsifying documents to secure better mortgage terms. James’ team claims the case is part of a “political retribution campaign.”
**Mayor‑elect Zohran Mamdani** has assembled a robust transition team, and many city influencers are grateful to join. The housing committee alone counts two dozen members, including nonprofit housing groups, union representatives, YIMBY advocates, religious leaders, tenant associations, private developers, and multifamily lenders. Key private‑sector figures are Real Estate Board of New York Chair Jed Walentas, Two Trees Management CEO Lisa Gomez, and M Squared COO Carolee Fink. The committee also features veterans from the De Blasio and Bloomberg administrations, partnership leader Kathy Wylde on a separate committee, and five Democratic Socialists of America representatives on other panels.
**Abramson Brothers** is pleased with the $467 million tax‑incentive program that offers property‑tax breaks for converting office space into apartments. The firm is turning its 90,000‑square‑foot office at 333 West 52nd Street in Hell’s Kitchen into a 108‑unit residential building, with CetraRuddy leading the redesign. This marks Abramson’s first office‑to‑residential conversion, and the new property will feature a fitness center and a terrace.
Not everyone is in a celebratory mood. Turkeys, air‑traffic controllers, and many brokers and property owners are uneasy about the proposed Community Opportunity to Purchase Act (COPA). The bill would give city‑approved nonprofits first rights to buy buildings with three or more residential units. Opponents argue it would “disrupt the city’s housing market,” slow transactions, deter investors and lenders, and impede time‑sensitive 1031 exchanges. Proponents counter that COPA would curb speculation and help nonprofits create and preserve affordable housing for low‑income tenants. The debate is unlikely to be resolved by Thanksgiving.
