COPA is dead, but it probably won’t stay that way.
On Monday, the City Council didn’t have enough votes to override Mayor Eric Adams’ veto of the Community Opportunity to Purchase Act.
Administration officials still tried to whip up votes, Politico reported, but by Wednesday afternoon, COPA’s sponsor acknowledged the bill was still dead.
In a statement, Council member Sandy Nurse said she is “disappointed” but noted that COPA has been the Progressive Caucus’ “top priority for four years and we are not backing down.”
“The bottom line is this: if we do not have stronger protections to keep working class New Yorkers here, they will continue to leave,” she said. “I look forward to working with Speaker Menin on re-introducing the bill and passing it this year.”
A spokesperson for Speaker Julie Menin said the Council “looks forward to working with bill sponsors and all stakeholders on next steps.”
So, at the very least, we can expect this legislation to be reintroduced. We could also see a new version emerge. Before the latest version was passed by the City Council in December, the bill’s applicability was narrowed. Will a resurrected COPA apply to a bigger pool of buildings, now that it has an ally in the mayor?
Either way, the fight over this bill isn’t over. The city’s Law Department flagged legal concerns with the latest version of the measure, and landlord groups have already floated litigation if the bill ultimately becomes law.
In a statement, Ann Korchak, board president of the Small Property Owners of New York, reiterated her group’s opposition to the measure, calling it an “unlawful taking of private property.”
“Thankfully, enough Council members understood the devastating ramifications of COPA and eliminated any possibility of the Council overriding the former Mayor’s veto,” she said.
What we’re thinking about: I’ve asked this before, but still would love an answer: Who will the mayor select to lead the Department of City Planning? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: Yume Kitasei, the new head of the Department of Citywide Administrative Services, has two cats named Boondoggle and Filibuster, according to her author page. These are the best cat names I have ever heard, and I will not be persuaded otherwise.
Elsewhere in New York…
— Mayor Zohran Mamdani on Wednesday blamed his predecessor and former Gov. Andrew Cuomo for what his administration estimated is a $12 billion budget gap, Gothamist reports. He ramped up his calls to increase income taxes on the city’s highest earners (which would require state legislation). Representatives for the former mayor and governor disputed the mayor’s claims.
— Construction on the $16 billion Gateway tunnel project will screech to a halt in February if the Trump administration doesn’t release funding, Politico New York reports. The Gateway Development Commission has kept construction going, up until this point, thanks to a $500 million line of credit from Bank of America that is running out.
Closing Time
Residential: The top residential deal recorded Wednesday was $19.8 million for a condominium unit at 730 Fifth Avenue. The condo unit at The Aman is 3,400 square feet. The property was reportedly sold by the developer.
Commercial: The top commercial deal recorded was $112.3 million for 250 East Houston Street. Atlas Capital Group purchased the 130-unit, multifamily building from Rockwood Capital.
New to the Market: The highest price for a residential property hitting the market was $8 million for a penthouse unit at 456 West 19th Street. The Chelsea condo is 2,800 square feet. Compass’ Justin Hopwood, Adrian Radomski and Nicholas Lounsbury are the listing agents.
Breaking Ground: The largest new building permit filed was for a proposed 171,415-square-foot, eight-story, mixed-use building at 1111 Myrtle Avenue in Bedford-Stuyvesant. Hamish Whitefield of Hamish Whitefield Architects is the applicant of record.
— Joseph Jungermann