Around 750 New York City storefronts shuttered between May and July as part of Operation Padlock to Protect, a multi-agency task force from Mayor Eric Adams that targeted retailers selling marijuana without a license. Operators were the primary target, and landlords have wound up in the crosshairs — but lenders have so far escaped responsibility.

Loans for the shuttered properties came from more than 300 lenders, according to an analysis by real estate intelligence firm PropertyScout and Bisnow of cannabis summonses recorded by the New York City Office of Administrative Trials and Hearings, cross-checked with city property records. 

While the majority of the lenders in the analysis only had one loan tied to a shuttered property, six banks provided mortgages to almost 100 of the buildings where stores were closed during Operation Padlock to Protect.

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All 51 members of the city council are voting on the final version of City of Yes as we write this newsletter: Speaker Adrienne Adams said a couple of weeks ago that she’s hoping for a simple majority of 26. Here’s what you need to know about the changes two committees passed and what council members are voting on today.

RFR might be about to lose 17 State St., a 42-story office tower in Battery Park City: In August, loans for the property were transferred to a special servicer, which moved to foreclose this week. Read more.

TF Cornerstone and Dune Real Estate formed a $1B joint venture for office conversions: They’re eyeing transit-oriented neighborhoods in New York City, Washington, D.C., Boston, Charlotte, Raleigh, Atlanta, Dallas, San Francisco and Los Angeles. Read more.

The Helmsley Building is also facing a possible lender takeover: A preforeclosure lawsuit was filed Tuesday against RXR Realty, the owner of the landmarked tower at 230 Park Ave. That’s happening almost exactly a year after RXR defaulted on the $670M loan backed by the building. In the foreclosure filing, Green Loan Services claims that after accounting for interest and other fees, RXR's unpaid balance is more than $692M. Read more.

A Queens soccer stadium is underway: The watchdog New York City Independent Budget Office published its assessment of the Willets Point soccer stadium. But the development broke ground this week anyway. Read more.