We’re just a few days into the Mamdani administration, and we’re already acronym and task force-rich.
Much has happened since Zohran Mamdani took office on Jan. 1. He has:
…rebooted a tenant-focused office, naming Cea Weaver as its director;
…named Dina Levy, who works for the state’s Division of Homes and Community Renewal, as the new commissioner of the Department of Housing Preservation and Development;
…ordered city agencies to hold “rental ripoff” hearings;
…announced that he’s intervening in Pinnacle Group’s bankruptcy.
And while much sets Mamdani apart from his predecessor, the new mayor has continued some initiatives spearheaded by Mayor Eric Adams. On his first day in office, Mamdani signed executive orders that created interagency task forces to study two issues that were also the focus of previous task forces created during the Adams administration.
One is dubbed the Streamlining Procedures to Expedite Equitable Development, or SPEED, task force. That group aims to identify policies and procedures that “affect the timely production and availability of affordable housing, including such policies and procedures affecting pre- and post-construction approvals, project financing, and project marketing,” and propose ways to expedite affordable housing construction.
That’s similar to the goals of the Building and Land Use Approval Streamlining Taskforce, or BLAST, which was launched during the Adams administration and took some liberties with spelling and letter inclusion to make BLAST work.
A separate executive order creates the Land Inventory Fast Track, or LIFT, task force, which will identify city-owned or -controlled properties where housing can be built. Adams signed a similar executive order in 2024 and launched the “24 in ‘24” initiative to advance 24 projects on city sites that year.
It remains to be seen how these new task forces will build on the findings of those previous groups.
What we’re thinking about: What real estate-related issues will you be looking for in Gov. Kathy Hochul’s State of the State address? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: Fiorello La Guardia was the first New York City mayor to call Gracie Mansion home. He preferred to call it the Mayor’s House or Gracie Farm because “mansion was a little rich for his taste,” according to a 1979 New York Times story.
Elsewhere in New York…
— During the first year of congestion pricing, 27 million fewer vehicles entered Manhattan below 60th Street, Gothamist reports. Compared to the previous year, when congestion pricing was not in effect, that area saw an 11 percent reduction in daily traffic, on average.
— The Queens Democratic Party on Monday endorsed Diana Moreno ahead of the Feb. 3 special election for Zohran Mamdani’s former Assembly seat, City & State reports. Moreno has also been endorsed by Mamdani and the New York City chapter of the Democratic Socialists of America.
— Mamdani signed two executive orders on Monday to ramp up enforcement against businesses that trick consumers into paying hidden “junk fees” and those that have misleading subscription services (including free trials that automatically convert into paid subscriptions “with critical disclosures buried in fine print or behind hyper links”).
Closing Time
Residential: The top residential deal recorded Monday was $4.4 million for 75 1/2 Bedford Street. The West Village townhouse is 1,000 square feet and last sold on the market for $3.4 million in 2023.
Commercial: The top commercial deal recorded was $52.9 million for a portfolio of buildings in Rego Park. The properties include 94-14 63rd Drive, 95-38 Queens Boulevard, 63-79 Saunders Street, 95-40 Queens Boulevard, 95-60 63rd Drive, 96-44 Queens Boulevard and two retail properties at 95-05 and 95-02 63rd Drive. The total square footage of all addresses exceeds 60,000. The buyer was the Malachite Group, and the seller was Imperial Sterling Corp.
New to the Market: The highest price for a residential property hitting the market was $12.5 million for a co-op unit at 1107 Fifth Avenue. The Upper East Side co-op is listed by Coldwell Banker Warburg’s Bonnie Chajet and Lisa Ellen Chajet.
Breaking Ground: The largest new building permit filed was for a proposed 90,355-square-foot, 11-story, mixed-use building at 270 West 135th Street in Harlem. Tahir Demircioglu Architect is the applicant of record.
— Joseph Jungermann