"Vanbarton's conversion mania is, in part, spurred by 467M, a tax incentive passed in the New York state legislature in 2024. Once that happened, it really gave that shot in the arm for both owners and developers to say, Huh, okay, they can actually do it and lean into it, said Coles. Vanbarton Group's Richard A.C. Coles and TRD's Erik Engquist (Photos by Radhika Chalasani)"
"Mamdani is targeting landlords while pushing out his affordability agenda. He created Rental Ripoff Hearings, giving tenants a public forum to air their grievances about their greedy landlords. Mamdani has pitched other pro-tenant policies, including freezing the rents on rent-stabilized units. Coles said Mamdani's victory in the Democratic primary against Andrew Cuomo sent chills down the spines of some investors. The second he won, global investors, offshore investors, pulled back dramatically, said Coles."
"After Mamdani won the general election in November, things started to sort of cool, thaw a little bit, but I still think in the deep inner recesses of the global investor, they're taking a wait and see approach to NYC, said Coles. The mayoral election is not pausing Vanbarton's construction projects. The firm is going ahead with its much sought-after development site in Nomad."
Vanbarton Group converted an office building at 160 Water Street into luxury apartments and has additional conversion projects at 77 Water Street, 1011 First Avenue and 6 East 43rd Street in New York, plus a project in Seattle. The firm’s push into conversions accelerated after New York State passed the 467M tax incentive in 2024, which encouraged owners and developers to pursue office-to-residential conversions. The company is maintaining construction plans despite political shifts. New York’s mayor Zohran Mamdani has advanced pro-tenant measures, including Rental Ripoff Hearings and proposed rent freezes on rent-stabilized units, which influenced global investor caution after his primary victory.
Read at therealdeal.com
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