REBNY Gala Drew (Most Of) Real Estate’s Biggest Names

As per annual tradition, the biggest names in New York’s real estate industry gathered on Thursday night to celebrate their own and talk business. Our primer dives into the specifics that emerged from the event, but here are a few brief takeaways from the annual gala.

1. Mamdani skipped, but his team showed up

Mayor Zohran Mamdani was the headliner who never arrived. REBNY invited the mayor to its annual gala at the Waldorf Astoria New York, but he declined, continuing a chilly relationship with the trade group he once picketed as an Assemblymember.

Still, the absence wasn’t total. Deputy Mayor for Housing and Planning Leila Bozorg and Buildings Commissioner Ahmed Tigani both attended, signaling that City Hall isn’t boycotting the industry outright, even if the mayor himself isn’t ready to clink glasses. REBNY President Jim Whelan framed their presence as a bridge, saying the group looked forward to hosting Mamdani in the future.

2. Hochul leaned hard into her role as real estate’s Albany ally
Governor Kathy Hochul once again took the stage, using the gala to reinforce her pitch as a pro-development partner.

She pledged to keep working with the industry to “break down barriers” to construction with environmental review reform front and center in her State of the State agenda. She further complained about red tape that sends projects “through hell and back.”

With a reelection campaign underway, the message was clear: Albany, at least for now, wants builders on its side.

3. The gala doubled as a political temperature check
The guest list underscored the event’s role as a barometer for real estate’s standing at City Hall and beyond.

Elected officials spotted included Attorney General Letitia James, Comptroller Mark Levine, Council Speaker Julie Menin and a long roster of city and state lawmakers. Nassau County Executive Bruce Blakeman, a Republican challenger to Hochul, also made the rounds.

The mix suggested the industry remains politically relevant, even as it navigates a more skeptical city administration.

4. Symbolism mattered as much as speeches
Held at the landmarked Waldorf Astoria, fresh off a $2 billion condo conversion, the setting was a reminder of what the industry can pull off. But Mamdani’s empty seat loomed large.

The Soloviev Group’s Michael Hershman called it a “missed opportunity,” reflecting a broader hope that dialogue, not distance, will shape the next chapter between New York’s developers and its new mayor.

Here are the other headlinesthat popped in New York City real estate news this week.

German investor asking $400M for FiDi’s 140 Broadway

Union Investment is selling 140 Broadway, a 1.2 million-square-foot office tower in the Financial District, for an asking price approaching $400 million.

The 51-story skyscraper is 73 percent leased. Brown Brothers Harriman is the anchor tenant, occupying roughly 190,000 square feet; Union Investment spent $160 million on building improvements over the last decade.

Charles Cohen’s 750 Lex auctioned off, returns to lender

The office tower at 750 Lexington Avenue went to auction but was returned to the lender after receiving no bids against a minimum price above $161 million.

The property’s valuation plummeted from $300 million in 2015 to a recent appraisal of $41 million as financial troubles, including the exit or renegotiation of major tenants like Zara and WeWork, caused occupancy to drop, leading to foreclosure.

Lily Allen, David Harbour find buyer for Carroll Gardens townhouse after breakup

Former celebrity couple Lily Allen and David Harbour found a buyer for their brownstone at 381 Union Street in Carroll Gardens, which was listed after Allen released an album detailing the destruction of their relationship.

The townhouse’s last asking price was $7.3 million, a drop from the initial nearly $8 million listing price in October. Allen and Harbour bought the late-19th-century brownstone, which includes five bedrooms, three bathrooms, a finished basement gym and a private backyard with a sauna and cold plunge, for $3.4 million in 2021.

Summit’s deal with Pinnacle, by the numbers

Last week, Summit Properties won its battle to purchase a portfolio of thousands of New York apartments from Pinnacle Group. Pinnacle put the collection of mostly rent-stabilized units into bankruptcy and held an auction for a buyer. Mayor Zohran Mamdani and groups of tenants tried unsuccessfully to stop the sale.

Court documents and disclosures Summit made on the Tel Aviv Stock Exchange detailed the numbers behind the deal.

New York developers are going small

Resi reporter Jake Indursky dug into the new development market in Manhattan, which is shifting from large-scale towers to smaller, “boutique” buildings (under 40 units), which accounted for 32 percent of units brought to market in the last three years. That’s up from 14 percent previously.

The shift is driven by developers facing a lack of available land and risk-averse capital, making smaller projects more financially viable, quicker to sell out and less prone to the protracted carrying costs of high-unit developments.

Buyers, meanwhile, are increasingly willing to spend top-tier prices on boutique projects, embracing perks like greater privacy and customization over the high-rise views and lavish amenities of larger buildings.