Greater than 1,000 builders, brokers, builders, bankers, attorneys and officers concerned within the New York Metropolis actual property business not too long ago united to honor one another as Gov. Kathy Hochul mentioned building must be a part of the answer to a few of New York Metropolis’s issues.
The group on the Actual Property Board of New York’s a hundred and thirtieth awards ceremony on the newly renovated Waldorf Astoria New York sat in a constructing whose comeback itself is without doubt one of the metropolis’s larger actual property tales lately.
Attendees walked a purple carpet, networked, talked store and mentioned tax abatements, the rising price of supplies, want for inexpensive housing, and challenges and rewards of constructing in and past New York Metropolis.
Hochul was one of many featured company and addressed the movers and shakers, saying that “the future of real estate in New York City is as strong as it’s ever been.” She mentioned that building must be a key a part of constructing a nonetheless higher future for New York Metropolis, and vowed to work “with all of you as an ally and to break down barriers.”
“We’re not going to be wasting time anymore, my friends. We’re going to build, baby build here in the great city of New York and I’m going to be your partner,” Hochul mentioned. “You never gave up on us. And therefore I will never give up on you.”
REBNY appears to be like to ‘meet the opportunities and challenges’
REBNY President James Whelan mentioned this was a second to have a look at find out how to “meet the opportunities and challenges facing our City’s economy in 2026 head on.”
“One thing you all share is that you believe in this city and invest in it and plan and build for its long-term success,” he advised the gang. “New York can be a tough place. But as the phrase goes, when the going gets tough, the tough get going.”
REBNY President James Whelan mentioned this was a second to have a look at find out how to “meet the opportunities and challenges facing our City’s economy in 2026 head on.”Photograph by Ramy Mahmoud
Though building can breed controversy, this was an evening when the true property business targeted on successes, in addition to struggles.
REBNY Chairman Jed Walenta mentioned the a hundred and thirtieth REBNY annual awards for the true property commerce affiliation based in 1896 present “an excellent opportunity to take stock of our industry’s goals, the challenges New York City faces,” and the way leaders can “make our city the best it can be.”
Some mentioned how taxes, inflation and new rules might make growth harder, at the same time as advocates not within the room generally name for change.
However many talked a few strong actual property market and a need to reside and work in New York Metropolis amid a post-pandemic restoration.
“I think it’s a great time to build and buy,” mentioned Hal Fetner, CEO of residential developer Fetner Properties. “There’s an insatiable demand to live in New York City. We have not created a lot of new supply.”
Fetner mentioned he had constructed 1,100 models in New York Metropolis over two years, together with many in Lengthy Island Metropolis, though he mentioned he relied on tax incentives and sure monetary forces constrained building.
“It’s not the regulation that’s killing us,” Fetner mentioned. “It’s construction costs and taxes.”
Others talked about New York Metropolis and, particularly, Manhattan as having an area and world attraction to companies, in addition to residents, driving demand in a post-pandemic financial system.
“Financial service firms are booming. Law firms are booming. Tech firms are back in force, especially AI,” mentioned Mary Ann Tighe, a business dealer and CEO of the New York Tri-State Area for CBRE. “Where do they want to be? In Manhattan.”
David Shechtman, senior government managing director at Meridian Funding Gross sales, mentioned he had offered $4 billion in actual property in twenty years.
He added that the Group Alternative to Buy Act (COPA) giving sure nonprofits the primary proper to purchase sure actual property might delay offers
“Financing is good for 30, 60, 90 days,” Schechtman mentioned, including that “a 6– to-12-month pause” for a nonprofit might destroy transactions. “No contract will stick with a first right of refusal,” he mentioned.
Schechtman added that capping limits on reimbursement for renovations of lease regulated residences might disincentivize work.
“Why would the city say the landlords have to bear the lion’s share of that?” Schechtman requested.
One REBNY report discovered housing manufacturing within the Massive Apple not on monitor to fulfill the aim of 500,000 new models by 2034 after about 66,000 models for the reason that first quarter of 2024.
“The current tools for housing production are not adequate to meet the needs of New York City,” Whelan mentioned as he known as for “new incentive programs and comprehensive rezonings” to assist to construct 500,000 new houses by 2034. “This city needs a much more aggressive set of proposals to drive new housing production.”
There, nonetheless, had been constructive indicators from RBNY’s Constructing Development Pipeline Report for the third quarter of 2025, exhibiting an “uptick in overall construction” as multifamily housing surged, significantly with 99-unit initiatives.
There have been 507 new constructing filings, up 56% 12 months over 12 months and 11,746 proposed a number of dwelling models in 207 proposed buildings, up 69% from the earlier quarter and the fourth most proposed models for the reason that third quarter of 2015.
REBNY Govt Vice President of Exterior Relations and Advocacy Zachary Steinberg mentioned these “strong results come following a decade-plus of underproduction.”
