Bankrupt Brooklyn buildings defy stereotype

February 7, 2026 / no comments

When you think of rent-stabilized bankruptcies, you probably think of overleveraged buildings in Upper Manhattan and the South Bronx — not conservatively financed ones in white-ethnic Brooklyn neighborhoods. Think again. Consider the bankruptcy that Samuel Hertz filed in late January for 420 Avenue F and 320 Ocean Parkway in Kensington and 2302 85th Street in Bensonhurst, which have 145 apartments in all. Their tenants have names like Melnikova, Akramov, Durglishvili and Ananin. Hertz bought the three buildings in January 2018 for $46 million with a $25 million loan from ConnectOne Bank. That’s a loan-to-value ratio of only 54 percent. It […]

This article originally appeared on The Real Deal. Click here to read the full story.

Shvo’s Mandarin Oriental cuts prices, changes course

February 7, 2026 / no comments

Sales at Michael Shvo’s Mandarin Oriental Residences on Fifth Avenue are being reset once again with a new brokerage team stepping in and prices being recalibrated after years of sluggish momentum. Serhant has taken over marketing at the 65-unit luxury condominium project, assigning Peter Zaitzeff and Glenn Davis to lead the effort. The move marks the latest attempt to unlock sales at the building, which launched in 2021 but has moved only about a third of its inventory in the four-plus years since. Alongside the brokerage switch comes a notable pricing overhaul. Listings reflect double-digit reductions from original asking prices […]

This article originally appeared on The Real Deal. Click here to read the full story.

The Daily Dirt: Here’s how the comptroller wants to implement 485x

February 7, 2026 / no comments

Developers have spoken: building rental housing in New York just doesn’t pencil out without tax abatement. Now, the city comptroller’s office is proposing the rules to implement New York’s most recent tax abatement program, 485x.  The program has gained attention for its requirement that projects of 100 or more units pay a minimum construction wage of $40 per hour. That minimum wage rises higher for even bigger projects. In response, developers have pulled back on large-scale projects. The comptroller’s proposal departs from the statute in a few ways. And industry groups are already voicing concerns. One sticking point for both […]

This article originally appeared on The Real Deal. Click here to read the full story.

NYC’s top deals: Soho mixed-use buildings sell for first time in decades

February 7, 2026 / no comments

There were 197 transactions totaling $299 million filed in New York City records in the 24 hours before 4 p.m. on Friday, Feb. 6, 2026. 🏆 Residential: The top home sale to hit records was for a condo at Extell Development’s 50 West 66th Street on the Upper West Side. A trust tied to Uttara P. Marti, managing director at Evercore, purchased a 3,900-square-foot pad from 50W66 NY LLC for $13.4 million. The seller purchased the unit one year ago, for $11.8 million. The condo has five bedrooms and five and a half baths. The latest deal works out to […]

This article originally appeared on The Real Deal. Click here to read the full story.