Sen. Zellnor Myrie says the next mayor needs to work with the real estate industry.
Last month, Myrie joined three of his fellow mayoral contenders to bash former Gov. Andrew Cuomo’s housing plan. At the time, he had not backed calls to freeze rents for stabilized apartments. He has since said rents should be frozen this year, though he hasn’t gone as far as Assembly member Zohran Mamdani, who wants to halt rent increases for the next four years.
Many of the candidates at the rally criticized Cuomo’s relationship with the real estate industry, but Myrie refrained from doing so.
I spoke with Myrie briefly after that rally, asking him five questions that I am posing to all mayoral contenders, as part of a question-and-answer series that will run in this newsletter.
Myrie has tried to position himself as the Yimby in the race, releasing a plan to build 700,000 housing units and preserve 300,000 units during the next decade. That would be accomplished, in part, by rezoning a larger swath of Midtown than the Adams administration has proposed.
The five questions in this series are meant to be a vibe check, of sorts, on how candidates think about the real estate industry and its place in the political ecosystem of New York.
What is your most innovative housing idea?
I want to deliver one million homes over the next decade, and it is the boldest housing solution in this race. It is one that matches the scale of the problem that we’re facing. And I think we are at a time where we need courage and leadership to do big things, and that is why this has been at the center of my campaign.
What do you think is missing from your opponent’s plans for housing?
I think it’s really important that any solution that we propose matches the scale of the problem. (Note: He had just spent the last hour criticizing Cuomo’s housing record.)
How would you describe real estate’s role in shaping policy in New York?
The only way that we are going to deliver one million homes is working with the industry. I plan as a mayor to work with the real estate industry, tenants and other stakeholders to ensure that we deliver that. I think that they have an important role and anyone that wants to lead the most important city in the world should recognize that, be prepared to work with them.
You’ve said that you are willing to accept donations from the industry. Is that still the case?
Yes.
Why should folks in the industry vote for you?
Look, this is New York City, there are no shortage of opinions and feelings, not just about the real estate industry, but about industries writ large, and I think it’s important that anyone that is going to lead New York City be able to express their vision, even in the midst of that diversity of opinion. I have been clear about where I stand. I am someone that grew up as a tenant, and [am] still a renter, but also, I recognize that we need to build a lot more housing if we’re going to bring down the cost of living. That takes working with the industry.
What we’re thinking about: How much will the NJ Transit strike affect NYC office attendance? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: Low-income housing tax credits have helped finance 3.5 million housing units across the U.S. since 1986.
Elsewhere in New York…
— NJ Transit trains stopped running Friday after engineers walked off the job because the agency could not reach a contract agreement with the Brotherhood of Locomotive Engineers and Trainmen. Gothamist has a handy guide on alternative ways to get between New Jersey and the city, though the options vary in convenience depending on how close you are to the PATH train and how willing you are to pay $120 to Amtrak for last-minute tickets between Trenton and New York.
— City Council Speaker Adrienne Adams’ bid for mayor is getting a boost from state Attorney General Letitia James, Politico New York reports. “My candidate, the woman that I am supporting, a woman of faith, a woman of conviction, a woman without drama, someone who understands [how] we are struggling in the city of New York, and who can deliver and who has consistently delivered,” James said on Mother’s Day while speaking at a Brooklyn church and gesturing toward Adams. “Ladies and gentlemen, I am supporting that sister: Adrienne Adams.” Adams says she often calls James to seek advice about campaign strategy.
— ICYMI, the state’s highest court this week heard arguments in a case challenging Kingston’s adoption of rent stabilization, City & State reports. The case could have big implications for whether other localities in the state can adopt rent stabilization measures.
Closing Time
Residential: Helen Marden’s sale of a penthouse at 495 West Street in the West Village was the top residential deal recorded today. The artist sold the unit to famed photographer Annie Leibovitz for $16.5 million. The late artist Brice Marden, Helen Marden’s husband, acquired the more than 4,700-square-foot residence in 1999.
Commercial: The top commercial deal recorded today was on the Lower East Side. The Rosenkranz Foundation scooped up a commercial condominium — a sponsor unit at 202 Broome Street for $12.9 million. The unit is on the ground floor and spans more than 35,400 square feet. The deal works out to roughly $364 per square foot. Taconic Partners, L+M Development Partners and BFC Partners were part of a development team that built the site, part of the Essex Crossing megaproject.
New to the Market: The highest price for a residential property hitting the market was $15.5 million for a 3,576-square-foot condominium unit at 565 Broome Street in Hudson Square. The Corcoran Group’s James Weiss and Andrew Schwartz have the listing.
Breaking Ground: The largest new building application filed was for a proposed 65,673-square-foot, 83-unit supportive housing project at 581 East 161st Street in the Bronx. Anthony K. Shitemi of Urban Architectural Initiatives filed the permit on behalf of (H.O.G.A.R.) Housing Options and Geriatric Association Resources Inc.
— Matthew Elo and Mary Diduch
