10Y UST4.95%+0.81%30Y MTG7.24%-1.09%SOFR3.97%+0.51%VNQ$98.03+3.18%XLRE$45.12+3.32%FED FUNDS3.88%
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Commercial Observer

Mamdani Secures Appeals Court Win in Pied-à-Terre Tax Rollout

Via Commercial Observer · November 4, 2026
Compiled by Real Estate Trail Editorial · November 4, 2026

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. The next twelve months will continue to reward underwriting discipline and operational sophistication over balance-sheet aggression.

Editorial analysis · Real Estate Trail Editorial

Excerpt from Commercial Observer:
Mayor Zohran Mamdani can move forward with his pied-à-terre tax rollout after a state appellate court Wednesday reversed a lower court’s ruling that the tax’s debut was mishandled. The Staten Island judge in charge of…
Read the full article at Commercial Observer →

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