Eliot Spitzer Gains State Approval to Redevelop 985 Fifth Avenue After Legal Bout
Why this matters
Commercial real estate continues to digest a multi-year reset in cost of capital. Transaction velocity is below the 2019-2021 trend but improving, cap rates have stabilized across most stabilized property types, and the bid-ask gap has narrowed materially in the past two quarters. Sponsors with permanent capital and operating platforms have an advantage in the current execution environment. New York continues to bifurcate sharply: trophy office leasing at record rents, commodity Class B in conversion discussions or court-supervised processes. Rent-stabilized multifamily remains supply-constrained and tightly held. The next twelve months will continue to reward underwriting discipline and operational sophistication over balance-sheet aggression.
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On the RET wire
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Former New York Gov. Eliot Spitzer will finally get to demolish 985 Fifth Avenue after suing the state to obtain approval. Spitzer claimed that the state’s Division of Homes and Community Renewal (HCR) was delaying th…
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