Lilah Burke
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reporter @trdny 🌸 cohost of the deconstruct podcast 🌺
Articles by Lilah Burke
NY Dirt: Who’s who in the rent freeze lawsuit
The first rent freeze lawsuit is here. A group of landlords filed a petition and complaint Thursday seeking to send the rent freeze decision back to New York’s Rent Guidelines Board for an increase. Here’s a closer look at some of the players in the case. Judge Ralph Porzio Plaintiffs filed this case in state court in Staten Island. Ralph Porzio, the judge assigned to the case, is a Republican with a history of more conservative decisions.
Mamdani admin supporting bid on foreclosed Emerald Equities portfolio
Mayor Zohran Mamdani wants to transfer distressed buildings to new ownership. One of the first tests of that strategy will involve an East Harlem portfolio of 38 rent-stabilized Manhattan buildings currently in foreclosure. The city is specifically supporting a bid on the buildings by Spatial Equity Co., a developer specializing in affordable and supportive housing, according to tenant organizers working with the portfolio. The buildings were previously owned by affiliates of Emerald Equities.
Landlords sue Rent Guidelines Board over rent freeze decision
A group of landlords is suing over New York’s rent freeze. After New York’s Rent Guidelines Board voted last month to freeze rents in stabilized apartments, six landlords are petitioning the New York Supreme Court to annul the freeze and send the issue back to the board for a rent increase. The suit argues that the board’s consideration of a freeze was a “sham” process with a predetermined outcome and that the board failed to consider economic conditions for the real estate industry.
NY Dirt: Zohran Mamdani wants to talk to your tenants
Mayor Zohran Mamdani wants landlords to talk to their tenants. He’s going to talk to them first. That’s the push behind the administration’s newest campaign from its Office of Mass Engagement, which the mayor launched just days into his term. The campaign title is straightforward: Talk to Tenants.
NY Dirt: Mamdani tells landlords to take the high road
Tucked away on page 43 of the Mamdani admin’s “Rental Ripoff” report is a box explaining how the city plans to talk about landlords going forward. After a few months of referring to “bad” or “negligent” landlords and “preservation purchasers,” city officials have a new shorthand: There are now “high road” landlords and “low road” landlords. High-road landlords, the city explains, meet with their tenants regularly.
Mamdani admin proposes more fines, fees, enforcement for city landlords
Mayor Zohran Mamdani wants to beef up landlord penalties. That’s one of the takeaways from a report released by the administration Thursday based off its “Rental Ripoff” hearings held earlier this year. The administration spoke to 2,400 renters to look for ways to improve their experiences. The 67-page report lays out a plan to tighten the leash on New York’s landlords. That plan includes increased penalties, heightened scrutiny and ultimately the transfer of property.
NY Dirt: Restaurants gobble up space
New York wasn’t always the restaurant town it is today. In the decade between 2009 and 2019, jobs in the restaurant sector grew at twice the rate of the city’s total employment. Restaurants added 120,000 jobs, bringing the total to 317,800, according to a state comptroller’s analysis. That growth is good for those of us who like to eat. But it also means that restaurant space, especially in Manhattan, is tight.
Shvo gets fraud claims tossed in Mandarin Oriental suit
Developer Michael Shvo is almost off the hook at the Mandarin Oriental. A judge in New York Supreme Court last week dismissed claims brought against Shvo and his companies by two condo owners at his Mandarin Oriental Residences, who had alleged fraud and shoddy construction. The judge’s dismissal likely takes some pressure off Shvo, who has been dealing with numerous lawsuits and disputes in the past year.
Chetrit Group secures $80M refi for Queens warehouse
An influential development family has scored a refinancing in Queens. The Chetrit Group secured an $80 million refinancing loan on a warehouse at 57-18 Flushing Avenue in Maspeth, Queens, according to sources familiar with the deal. Maxim Capital Group and SL Green provided the financing in a three-year deal. Iron Hound arranged the transaction. The refinancing is good news for the Chetrit family, which has been working to settle scores with lenders over defaults and legal judgments.
NY Dirt: Hit the gym
New Yorkers are ready to get healthy. Retailers are willing to bet on it. One trend driving retail activity this past quarter compared to last was high-end wellness. The two largest leases of the quarter, as compiled in a JLL report released Thursday, were Chelsea Piers’ 76,000-square-foot deal by the South Street Seaport, at 250 Water Street, and Life Time’s 71,000-square-foot lease in North Williamsburg. Both are boutique gyms.
NY Dirt: “Buildings aren’t free”
“He that goes a-borrowing, goes a-sorrowing.” That’s certainly how some advocates see debt on rent-stabilized buildings. Last week, I looked at the relationship between rents, net operating income and violation counts in rent-stabilized buildings. Buildings with a high number of violations have lower rents and lower NOI than older, rent-stabilized buildings in general, but they still have positive NOI.
The tenant groups running New York
Outside El Museo del Barrio in Upper Manhattan, tenant advocates were jubilant. They had done it. The rent freeze they had organized and canvassed for was finally here. “Up, up with tenant power,” they chanted. “Down, down with real estate.” New York’s tenant organizations and advocacy groups, long foes of the real estate industry, have seen their power swell.
NY Dirt: Do neglected buildings make money?
When landlords don’t collect enough in rent, they can’t maintain their buildings — that means poor living conditions for tenants. This is a major argument made against freezing the rent in rent-stabilized apartments, as New York’s Rent Guidelines Board voted to do last week. But how is that playing out in reality? Are all poorly-maintained buildings just suffering from low cash flow? Let’s look at the data.
Steve Croman’s sons find path in real estate
The sons of landlord Steve Croman are all grown up. Jake and Adam Croman have gotten into the real estate business and are following in their father’s footsteps by buying Manhattan multifamily, often partnering with fashion scion Jeremey Tahari. The Croman brothers’ most recent buy was a Chinatown five-story, 118 Mulberry Street, for $2.28 million. About half of units in the building are rent-stabilized, making it a curious bet when the city has capped rents in those units.
Landlord targeted by Mamdani facing foreclosures on $36 million in loans
A New York landlord targeted by Mayor Zohran Mamdani is facing tens of millions of dollars in foreclosure cases. Rajmattie Persaud is connected to four foreclosure cases tied to about $36 million in loans from the former Signature Bank, according to complaints filed this month in Queens County Supreme Court. The foreclosure comes as Persaud’s Fordham Fulton Realty is battling the city over more than $31 million in court-ordered penalties and fees tied to housing code violations.
NY Dirt: Here come the rent freeze lawsuits
A rent freeze is here. So what are landlords going to do about it? Sue, most likely. The Rent Guidelines Board Thursday night delivered on Mayor Zohran Mamdani’s campaign promise to freeze rents in rent-stabilized buildings. That sets the stage for a possible legal challenge. If successful, a court battle could upend how New York regulates rent levels in half of the city’s rental stock.
It’s official: New York City is getting a rent freeze
New York City is freezing the rents of rent-stabilized apartments. The city’s Rent Guidelines Board voted seven to one in favor of a freeze Thursday night, at El Museo del Barrio in Manhattan. The board approved rent increases of 0 percent on one-year leases and 0 percent on two-year leases The result delivers on Mayor Zohran Mamdani’s campaign promise and is a show of strength for the tenant advocates who helped elect him. For landlord groups the vote was a difficult, if expected, blow.
As a rent freeze looms, rent-stabilized landlords feel the pain: “Fighting to stay alive”
New York City is set to vote on a rent freeze for stabilized apartments Thursday. For rent-stabilized landlords, it’s just another grievance on the pile. After rising insurance costs, water bills, property taxes and a statewide legislation that cratered the value of their buildings, what’s a revenue cap? “We are literally fighting to stay alive,” said Jerry Waxenberg, who owns 900 units across several boroughs.
Member of New York’s rental board resigns, decrying political “theater”
Christina Smyth was always the odd one out on this year’s Rent Guidelines Board. Now Smyth is literally out — having resigned Thursday, the morning of the board’s final vote on rent levels in rent-stabilized apartments. Smyth was a landlord member of the board, re-appointed by then-Mayor Eric Adams. In a statement announcing her resignation, she decried the board’s political theater. “This rebuilt board was required to deliver a rent freeze. Everything since has been theater,” Smyth wrote.
NY Dirt: Can’t pay, won’t pay
“Rent collections are down in New York — and no one’s sure why.” That was a tweet from Politico earlier this week, one that got a good amount of attention. It was related to a story they published about affordable housing operators and data showing they are collecting less in rent. I similarly wrote about this subject for our January magazine. This is a pertinent issue that affects how affordable housing operators are able to stay in the black.
Witness tampering claim fuels Ostad brothers’ real estate feud
The legal fight between Steven Ostad and his brothers Michael and Edward is getting heated. An attorney for Steven accused his brothers of harassing and intimidating a key witness in the case through intermediaries. Counsel for the defendants rejected the allegations, calling them a desperate resort and “defamatory.” The brothers are battling for control of 10 rental properties and a lending arm called Flatiron Capital.
ICE plans to sell off, reassign most of newly acquired portfolio
The Department of Homeland Security has been buying up warehouses and industrial properties around the country to increase the capacity of its detention centers. But now, the agency is looking to get rid of most of them. The department’s U.S. Immigration and Customs Enforcement division, on a mission to add tens of thousands of beds to its detention centers, scooped up 11 industrial properties across the country over the past year.
Free at last? Charles Cohen pays off $187M Fortress debt
After years of litigation, a weight has been lifted off billionaire Charles Cohen. Cohen has satisfied his debt of more than $187 million to Fortress Investment Group, according to a document filed in New York Supreme Court Thursday. “Charles Cohen has always honored his personal obligations,” said David López, general counsel of Cohen Brothers Realty.
RGB member proposes “rent freeze for slumlords”
One member of New York’s Rent Guidelines Board is trying to get creative. The board, which controls the rents in rent-stabilized apartments, typically doesn’t differentiate between types of units. It’s a diverse housing stock, including both older buildings and new construction, but allowable increases are the same across the city.
Haruvi family company files for bankruptcy, affecting nearly 500 apartments
A family real estate drama will now play out in a new venue: bankruptcy court. Simry Realty Corp, connected to the Haruvi family, filed for Chapter 11 bankruptcy Sunday. The Haruvi family blamed the financial trouble on a years-long legal battle with member Michelle Haruvi, who claims she was unfairly cut out of the business. The filing affects nearly 500 apartments across seven Manhattan properties. It also puts a stay on Michelle Haruvi’s fight to unwind a 2022 restructuring deal.
“Un-f*cking-believable”: Actors hired for landlord “zombie” demonstration say they feel manipulated
In their defense, they said the performance would be theatrical. But when Humberto Lopes’ Gotham Housing Alliance showed up to one of New York’s rental board hearings with a team of zombies carrying flags and signs, there was perhaps more dramatic tension than anticipated. The crowd of zombies, complete with dripping blood and rotting teeth, filled out a crowd of small landlords who had come to discuss how a rent freeze would affect them.
Summit Properties says it’s made good on cleaning up Pinnacle’s portfolio. A tenants’ group disagrees. Original
Summit Properties is claiming a win. The company says it has fixed more than 3,000 housing code violations in its new portfolio in just two months. That means it has made good on a commitment made at a bankruptcy auction to fix half of the violations in the distressed group of buildings, according to a spokesperson. But the major tenant group organizing the portfolio doesn’t see it that way.
The Daily Dirt: Mamdani’s YIMBY Socialism
Who are Zohran Mamdani’s supporters? One political commentator called them “the coalition of the in-between.” While Andrew Cuomo won votes from both New York’s poorest and wealthiest, Mamdani was sent to Gracie Mansion by the ballots of middle-income renters, political strategist Michael Lange noted. But on housing policy specifically, New York’s mayor seems to be catering to two specific groups: YIMBYs and socialists.
The developer bucking New York’s 99-unit trend
New York’s 99-unit building era is in full swing. But one developer appears to be bucking that trend. TF Cornerstone intends to use the 485x tax abatement program to build three large rental projects in Brooklyn, according to city data. That would make the developer the first to be subject to the 485x’s construction wage standard, a cost most developers try to avoid by building smaller.
A New York rent freeze is imminent. Bondholders still expect to be paid. Original
How badly would a rent freeze affect New York City landlords? One credit agency now has an estimate. A five-year rent freeze in New York’s stabilized apartments would drive about 6 percent of multifamily loans to default by 2030, according to a new analysis by Moody’s Ratings. But that universe includes multifamily properties with no stabilized units.
“Garbage dump”: Donna Karan brand sues neighbor over rat infestation
A West Village storefront by designer Donna Karan is suing its neighbor for its alleged role in creating and permitting a rat infestation so severe that it has staff members fearing for their safety. The neighboring property, associated with William Gottlieb Real Estate, is threatening its business operations and posing a health crisis, Urban Zen said in a complaint filed Friday in New York Supreme Court. The defendant disputes the accusations.
Manhattan DA indicts 18 people for alleged mortgage, deed fraud scheme
Eighteen people have been indicted in Manhattan in relation to alleged deed theft and mortgage fraud, Manhattan District Attorney Alvin Bragg announced Thursday. The alleged scheme involved stealing the deed to a Manhattan brownstone through identity theft, artificially inflating the value of the property and cashing out via a mortgage.
The most talked about part of Mamdani’s housing plan wasn’t in his housing plan
Does Mayor Zohran Mamdani want to make some landlords exempt from a rent freeze? Not according to his housing plan. When the Mamdani administration unveiled the 112-page document on Tuesday, one proposal captured significant attention: the idea that affordable housing landlords would be allowed to skirt the Rent Guidelines Board process and raise rents on vacant units.
Mamdani reveals his “bad landlord” playbook
Mayor Zohran Mamdani wants to put “bad” landlords out of business. For months, the mayor’s tenant-focused vision has been coming into focus. The administration’s full strategy becomes clear in the 112-page housing plan, titled “Block by Block.” The playbook involves collaborating with tenant organizations, searching for violations, removing existing owners and bringing criminal charges.
Mamdani to further streamline ADU building and permitting
New York wants to make it easier to build granny flats. The city will provide new technical and financial support to homeowners who want to build accessory dwelling units — ADUs — on their properties, Mayor Zohran Mamdani is set to announce Tuesday. ADUs, or so-called granny flats, are independent residences on the same lot as one-family or two-family homes, and depending on location are also called in-law suites, backyard cottages or basement apartments.
Sherwin Belkin, prominent New York landlord-side attorney, to retire
It’s the end of an era for New York’s landlord class: Sherwin Belkin is retiring. Belkin, a co-founding partner at Belkin Burden Goldman, is perhaps one of the city’s best-known landlord-side attorneys. After 50 years of practicing law, he plans to retire in October. His departure closes out a decadeslong career spent in the trenches of the rent-stabilization, where he had a front-row seat to New York’s ever-shifting housing laws and the increasingly fraught politics surrounding them.
Former Gucci headquarters at 685 Fifth transfers to special servicing
A lender is bracing for trouble at a pricy Fifth Avenue retail condo. The $160 million loan connected to the retail space at 685 Fifth Avenue transferred to special servicing this month, according to information provided by Morningstar Credit. The loan was sponsored by GGP, a retail-focused subsidiary of Brookfield Properties, which secured the refinancing for the condo at 685 Fifth from Bank of America and Wells Fargo in 2018.
City says it will halve affordable housing lease-up period
It takes an average of 210 days to get an affordable housing building filled in New York City. The Mamdani administration says it plans to cut that in half. The plan to fill projects in 100 days was revealed alongside changes to the city’s permitting and environmental review processes.
Could a legal challenge stop Mamdani’s rent freeze?
Since Mayor Zohran Mamdani’s pledge to freeze rents gained steam on the campaign trail, talk has swirled about the sweeping cap on regulated apartments triggering a legal response. Now with the Rent Guidelines Board paving the way for the policy, potential legal challenges are also becoming closer to reality. So far, real estate groups are keeping any specifics hush-hush.
Brooklyn Army Terminal signs four new tenants
The city’s push to transform South Brooklyn into an office and manufacturing destination is getting a boost. Four tenants have leased a combined 58,000 square feet at the Brooklyn Army Terminal, New York’s Economic Development Corporation announced Thursday. Also on the waterfront, the city’s MADE Bush Terminal also signed a new tenant. NYCEDC, the two terminals’ landlord, is a public benefit corporation and serves to promote economic development in New York.
“Everyone says it’s my company”: Will Blodgett wins summary judgement in Fairstead case
A disagreement that blew up inside affordable housing operator Fairstead is finally seeing a conclusion in court. William Blodgett, former founding partner of the group, won summary judgment in a case Fairstead brought against him, according to an opinion filed in Delaware Court of Chancery Wednesday. Despite findings that Blodgett violated his employment agreement and shared confidential information, Vice Chancellor J.
The Daily Dirt: Waiting for 485x reform? Mamdani admin says wait longer
485x is the tax abatement program that developers love to hate. The biggest sticking point for developers is the wage standard for construction: for projects over 99 units, developers need to pay a minimum construction wage to qualify for the abatement. The precise wage depends on where the project is located and how big it is.
Board paves way for rent freeze as advocates push for money back
Mayor Zohran Mamdani’s rent freeze is coming in for a landing. New York’s Rent Guidelines Board voted Thursday to raise rents in regulated apartments by a range starting with zero — meaning a freeze is very much on the table. The board approved increases of 0-2 percent on one-year leases and 0-4 percent on two-year leases starting in October. The range was approved in a 7-1 vote with one member abstaining. Tenant advocates who had agitated for a rent freeze were not satisfied with the vote.
Mamdani pursuing $31M in judgments for Bronx landlord
The Mamdani administration convinced a court that a Bronx landlord must pay up. The Department of Housing Preservation and Development won court-ordered judgments against Fordham Fulton Realty and its principals totaling $31 million, Mayor Zohran Mamdani announced Wednesday. The announcement is the latest example of the administration trying to create a playbook to address bad landlords. It’s unclear, however, whether the mayor’s play will survive on the field.
Durst sells Jimmy’s Corner site to Ben-Josef
Lawmakers and office denizens have been rallying in support of Jimmy’s Corner, a well-known Times Square dive bar facing eviction. Now, an affiliate of the Durst Organization has closed on a sale of the site and others to Ben-Josef Holdings for $20.1 million, The Real Deal has learned. The buyer, Ronen Ben-Josef’s Ben-Josef Holdings, appears to be creating an assemblage on the block.
New York’s top general contractors feel impacts of inflation
New York City’s general contractors had a decent 2025. But 2026 is still anyone’s guess. As inflation shows no sign of abating and mayoral fears cast a long shadow, some builders are worried that their pipeline is beginning to dry up. Take Broadway Builders. President Bernard Ruf said the company had a busy 2024 and 2025. This 2026 first quarter was good but now there’s less work on the horizon.
More questions than answers: Alan Stalcup’s comeback tour
You may have heard that Alan Stalcup is a fraudster. He’s trying to change that. Stalcup was a multifamily syndicator who made big bucks for investors — until he didn’t. Part of a wave of syndicators that ultimately crashed and burned post-pandemic, Stalcup’s GVA was roiled by interest rates before lawsuits came from every angle. Investors accused him of taking their money and forging documents. Now, he’s trying to change his image.
Starwood notches win against Alan Stalcup in personal guarantee suit
GVA’s Alan Stalcup could be facing a hefty penalty after a court sided with a lender seeking up to $110 million.. Starwood was awarded summary judgment this week in three New York cases against Stalcup personally, over his role as CEO of the Texas-based multifamily syndicator GVA. The lender said Stalcup owes the firm money after he breached “bad boy” recourse guarantee agreements he signed on loans tied to Atlanta, Orlando and Nashville-area properties.
Cornell sues Graduate hotel after lease default on Roosevelt Island
The Graduate by Hilton hotel on Roosevelt Island has drawn another lawsuit, this one from its landlord: Cornell University. Cornell says that the Graduate Hotel, which is on its tech campus on the island, has overstayed its welcome. The hotel defaulted on its 65-year ground lease and has refused to leave the premises after the lease was terminated, according to a complaint filed in New York Supreme Court Wednesday.
TRD100: Battle of the Boroughs
New York City attracts some of the top real estate talent in the country. But some of the Big Apple’s most powerful dealmakers are homegrown. Here’s the breakdown of the New York City natives among The Real Deal’s Top 100. Brooklyn Brooklyn is where some of the most well-known players in commercial real estate were born or raised. Take Larry Silverstein, the billionaire nonagenarian developer of the new World Trade Center complex. Silverstein was born in Bedford-Stuyvesant, Brooklyn.
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