Happy New Year, LandlordsNY members! We’ll be back tomorrow with a full briefing. For today, please enjoy an abridged rundown of today’s news.
- Manhattan apartment sales fell 12 percent between 2017 and 2018. Sales were down 22.5 percent from their peak year, 2013. [Wall Street Journal]
- Several new laws went into effect in New York City yesterday. The most notable include a ban on foam products and a minimum wage increase from $13 to $15 for companies with more than ten employees. [New York Times]
- Global markets started off the new year down, but now appear to be rallying back. [Financial Times]
- Mitt Romney, the Republican presidential nominee in 2012 and now one of the senators from Utah, published a scathing critique of President Donald Trump in yesterday’s Washington Post.
- Governor Andrew Cuomo began his third term yesterday. During his inauguration address, the governor proclaimed that he will soon introduce “the most progressive agenda this state has ever seen, period.” [Crain’s New York, Politico New York, City & State]
- City Comptroller Scott Stringer and City Councilmember Barry Grodenchik (D-Dist. 23) want the city and state to take greater efforts to mitigate future congestion in the communities adjacent to Belmont Park. They argue that the plan to redevelop a portion of the racing complex to create a 19,000-seat hockey arena for the New York Islanders, a hotel, and a 435,000-square-foot mall will create a traffic nightmare for numerous communities in eastern Queens, particularly Cambria Heights, Queens Village, and Bellerose Manor. [Times Ledger]
- The East Side Access project is experiencing heavy delays. [Detroit News]
- Extell’s Central Park Tower is nearing completion. Once finished, its roof will be the city's highest and tower 1,550 feet above the street. [New York YIMBY]
Finally, Gotham Gazette has some predictions about what you should expect in the realm of politics for 2019. Meanwhile, the Commercial Observer has some predictions about the world of commercial real estate for the new year.