New Yorkers Fleeing Mamdani for Miami? Yeah, Right

Fears of a post-election chill in New York City’s luxury housing market are looking increasingly misplaced.

In the 60 days following Mayor Zohran Mamdani’s November win, signed contracts for homes asking $4 million and above jumped more than 24 percent, while median listing discounts tightened to 6 percent from 6.5 percent, according to UrbanDigs data.

The numbers cut against a narrative that wealthy sellers were slashing prices to exit the city and instead point to buyers leaning in.

Discounts are a key proxy for leverage, and if sellers were rushing for the door, price cuts would have widened. They didn’t. At the same time, supply fell more than 3 percent in the post-election window, another signal that inventory wasn’t piling up from panicked listings.

Brokers and analysts say the market’s strength owes more to seasonality than politics. But the resilience also underscores a deeper dynamic: at the high end, New York remains a global asset class as much as a housing market. Trophy buyers aren’t easily spooked by election headlines alone.

Recent nine-figure deals have reinforced that dynamic. A $129 million contract at 80 Clarkson Street and a $90 million penthouse deal at 1122 Madison Avenue helped anchor pricing expectations, limiting buyers’ ability to negotiate steep discounts based on macro uncertainty. In a thin market, a handful of outsized trades can quickly reset sentiment.

Still, the real test hasn’t arrived. Industry players are drawing a clear distinction between political noise and policy reality. Mamdani has floated a 9.5 percent property tax increase and broader reforms that could shift more of the burden onto luxury homeowners. That’s the kind of concrete change that historically moves markets.

In 2019, looming mansion and transfer taxes pulled forward deals as buyers raced to close before higher costs kicked in, while the SALT deduction cap dampened demand in high-end markets.

For now, it’s business as usual at the top of the market. But if City Hall turns proposals into policy, today’s confidence could quickly give way to a very different kind of urgency.

March Madness isn’t only about college basketball — it’s about New York real estate, too, as you can find out below.

Jeff Gural’s GFP enters Chrysler Building talks

Jeff Gural’s GFP Real Estate is in advanced talks with Cooper Union to acquire the ground lease for the Chrysler Building.

A key challenge in the negotiations is the ground rent, which a new owner would have to pay Cooper Union and is expected to increase to $41 million in two years.

Cooper Union began marketing the ground lease last spring after terminating the lease with Aby Rosen’s RFR, which had defaulted on rent payments.

Gotlib, Orbach bulk up REIT with $440M NYC buying spree

Josh Gotlib and Meyer Orbach’s GO Residential REIT is expanding with two acquisitions in Manhattan and Brooklyn, totaling $440 million.

The deals include the residential and retail components of 7 Dey Street in the Financial District for $222.6 million and an 81 percent managing interest in 409 Eastern Parkway in Crown Heights for $217 million.

The financing for the acquisitions will be a mix of assumed debt, new mortgage financing and equity.

Long Island investor buys Soho multifamily from Centurion for $58M

Soheil Khayyam bought the 68-74 Thompson Street multifamily building in Soho from Centurion Realty for $58 million.

The building contains 75 residential units (11 rent-stabilized) and four commercial units.

Khayyam was under a 1031 tax deadline. He recently sold a Chelsea commercial building for $52 million.

Kushner, RFR face repeat Dumbo nightmare

Kushner Companies and RFR’s four-building portfolio, known as Dumbo Heights, is back in special servicing, facing a $480 million mortgage and other debt set to come due in six months.

This comes two years after the landlords secured a $480 million refinancing package in May 2024 to rescue the portfolio.

Alarm bells are ringing due to declining performance; the portfolio’s vacancy rate rose from 16 percent to 28 percent last year and its net operating income dropped from $30 million to $20 million over the previous five years.

A Herald Square hotel renovation was a disaster. For Jeffrey Epstein, it was an opportunity for loyalty

Finally, the Life Hotel project — a collaboration between restaurateur Stephen Hanson and developer David Mitchell — quickly ran into financial trouble.

Jeffrey Epstein, a longtime mutual friend, acted as a manipulative advisor and mentor, steering operating and financial decisions without putting up any equity.

In exchange for his involvement and perceived favors, Epstein received personal benefits, including free VIP rooms at the hotel (often for women and friends) and a job for one of his friends.