Embattled Adams Pushes New Housing Projects In Annual Address  
   
   
 

New York City Mayor Eric Adams, in his annual State of the City address Thursday afternoon, called for more development of housing on city-owned sites, including a 2,000-unit project in the Financial District.

 
 
Flickr/Mayoral Photography Office/Michael Appleton
 
   
 

Adams used his annual address, a closely watched speech that serves as a guideline for the mayor’s top legislative and policy priorities for the coming year, to discuss plans to tackle homelessness, public safety and mental health.

But the speech — Adams’ fourth and potentially his final, as he faces a federal corruption trial in April — also laid out plans to advance the mayor’s much-touted housing goals, building on measures passed last year.

Read about the new initiatives Adams announced here

— Sasha Jones and Ciara Long

 
 

Today's Rundown

 
 

'The Titanic Is Sinking' As Maintenance Costs Push NYC Multifamily Owners Underwater. Costs of all kinds continue to go up for owners of NYC apartments, and owners of rent-stabilized units are especially vulnerable, as their margins have been squeezed for years. Read more

Lawsuit: Cushman & Wakefield, Adams Ally Conspired To Oust Brokerage From City Leasing Deals. The relationship between the brokerage and the mayor’s head of real estate has already come under scrutiny in recent months. Read more.

Namdar, Empire Swallow $22M Loss At 345 Seventh Ave. The century-old office building is in the area of Midtown South where a proposed rezoning would allow conversions to residential use. Read more.

Manhattan Rents Rise For Third Straight Month With More Increases Expected. Median rent for December was $4,334, while renters signed approximately 4,300 new leases. Read more.

 
 

What Else Is Happening?

 
 
SoCal Wildfire Early Damage Estimate Reaches $52B As Flames Edge Toward Downtown Santa Monica SoCal Wildfire Early Damage Estimate Reaches $52B As Flames Edge Toward Downtown Santa Monica
 
   
 
Investors Sue Colliers, Claim Brokerage Hid Property's Red Flags Investors Sue Colliers, Claim Brokerage Hid Property's Red Flags
 
   
 
Baltimore Developer Accused Of Defrauding Chinese EB-5 Investors In Hotel Project Baltimore Developer Accused Of Defrauding Chinese EB-5 Investors In Hotel Project
 
   
 
6 Major Landlords Accused Of Anticompetitive Behavior In DOJ’s Reinvigorated RealPage Investigation 6 Major Landlords Accused Of Anticompetitive Behavior In DOJ’s Reinvigorated RealPage Investigation
 
   
 

The Finish Line

 
 

The Department of Justice threw down the gauntlet against some of the largest multifamily owners in the country, filing an amended lawsuit that alleges they conspired to inflate the rents of more than 1 million apartments. 

In the complaint, it highlighted the practice of the "call around" between landlord competitors as anticompetitive behavior, claiming that executives emailing their rents and occupancy figures to each other amounts to a scheme to set rents. Multifamily owners would claim these are standard business practices. What do you think? Let us know your thoughts.

The New York City Rundown is written by New York Reporters Sasha Jones and Ciara Long and edited by Deputy Managing Editor Ethan Rothstein. We’d love your feedback and news tips: sasha.jones@bisnow.com and ciara.long@bisnow.com

 
   
 
BISNOW
www.bisnow.com
123 William St, Suite 1505, New York NY 10038 Newsletter Approval Code: 83013
Unsubscribe | Unsubscribe from All | About | Contact
     
  You are receiving this email because you are either a member of the Bisnow community, have attended a Bisnow event, because you have a legitimate interest in real estate news and events because of your profession, or because of your business associations, memberships or partnerships. The views and opinions expressed in advertisements throughout this publication (digital ads and orange text links) are those of the advertiser and do not necessarily reflect the views and opinions of Bisnow. Some ads may contain affiliate links from which Bisnow may receive a small fee.  
 
© Copyright 2025 Bisnow. All Rights Reserved