The article discusses the worsening housing affordability crisis in the northeastern U.S., particularly in New York and Long Island, highlighting intense bidding wars and the inadequacy of traditional affordability metrics like the NAR Housing Affordability Index. It references Oxford Economics reports predicting that housing affordability will remain low for the next 7 to 10 years due to rising home prices, mortgage rates, and additional ownership costs. The piece emphasizes that many middle-income buyers face significant challenges in purchasing homes, with no clear solutions proposed to address the issue.

The article discusses how regulatory entitlements and rezonings are increasingly driving residential development in New York City, particularly in Brooklyn and Queens. Neighborhood-wide rezonings and site-specific approvals have expanded development capacity, leading to a surge in multifamily housing projects, including affordable units. This shift has made zoning entitlements a valuable asset class, influencing land values and investment strategies as developers and investors focus on regulatory certainty to unlock development potential.

Crescent Communities and FCP secured $82.1 million to refinance Render Legacy Trail, a newly delivered 450-unit multifamily community in Nokomis, Sarasota County, Florida. The property features one- to three-bedroom apartments with various amenities and benefits from strong population growth and renter demand in the Sarasota submarket. The loan was arranged by Berkadia and provided by Benefit Street Partners.

After a period of reduced commercial real estate lending due to banks cleaning up bad loans, banks are beginning to increase their lending activity again, with loan originations rising significantly in early 2026. While some markets like New York and San Francisco have shown recovery in office leasing, challenges remain in other regions and sectors, especially with rising interest rates impacting refinancing. Banks are cautiously re-entering the market, focusing on selective lending in multifamily, retail, industrial, and office properties, with competition from private lenders influencing easing loan terms.

After a period of reduced commercial real estate lending due to banks cleaning up bad loans, banks are beginning to increase their lending activity again, with loan originations rising significantly in early 2026. While some markets like New York and San Francisco have shown recovery, challenges remain in other office and multifamily markets, especially with rising interest rates impacting refinancing. Banks are cautiously re-entering the market, focusing on selective lending and targeting regions such as the Midwest, South Florida, and California, with increased competition from non-bank lenders influencing easing loan terms.

A proposed large-scale development near Miami Gardens in unincorporated Miami-Dade County includes a massive industrial project with at least five warehouses spanning up to nearly 4 million square feet, alongside 190 affordable apartments, retail and restaurant space, a community center, athletic fields, and a park. The project is led by Landmark QOZB Construction, managed by Juan Carlos Mas of MAS AJP, with design by Modis Architecture. The site is county-owned, and the developer is seeking preliminary input before official application submission. MAS AJP also has other mixed-use projects in Miami-Dade, including row houses and community facilities in the Naranja neighborhood.

In New York City, 213 real estate transactions totaling $289 million were recorded in 24 hours, including a $25.6 million sale of a vacant land plot in Greenpoint, and notable residential sales such as a townhouse in the West Village for $8 million, a condo on East 77th Street for $6.1 million, and a co-op loft in Soho for $5.6 million. Additionally, a report highlights the resurgence of high-end malls with occupancy rates reaching over 90%, driven by luxury operators and Gen Z-friendly tenants.

The article highlights several high-value real estate transactions in Florida, including a $20.3 million sale of a vacant lot in Delray Beach, a $10.5 million industrial property sale in Deerfield Beach, and luxury residential sales in Coral Gables and Pinecrest ranging from $11.1 million to $16.2 million. It also discusses the resurgence of American malls, particularly luxury malls, which have seen occupancy rates rise to over 95% due to demand from high-end tenants and Gen Z-friendly experiences.

Adam Greene of RXR discussed New York City's real estate future, emphasizing the need for more housing through new construction and office-to-residential conversions, reinvestment in high-quality office assets, and development of next-generation office buildings. RXR focuses on strategic conversions, particularly in Manhattan, leveraging public policy like the 467m program to address office vacancies and housing demand. Key areas for transformation include Midtown South and Manhattan's core, with RXR balancing portfolio assets between those to convert and those to enhance, aiming to adapt proactively to evolving market demands.

Real estate executives in Massachusetts are concerned about the potential impact of a rent control ballot measure set for November, which could cap rent increases and affect long-term investment plans, particularly in the multifamily sector. The measure excludes owner-occupied properties, buildings with four or fewer units, and newer constructions. While supported by some housing advocates and the Boston mayor, many investors and mayors oppose it, fearing it will stifle housing development amid already high construction costs and slow population growth. The uncertainty has led some institutional investors to halt or reduce investments in Boston and Massachusetts, with multifamily project deliveries declining significantly. Opinions vary on the measure's impact, with some suggesting limited effects in markets with low rent growth.

Real estate executives in Massachusetts are concerned about the potential impact of a rent control ballot measure set for November, which could cap rent increases and affect long-term investment plans, particularly in the multifamily sector. The measure excludes owner-occupied properties, buildings with four or fewer units, and newer constructions. While supported by some housing advocates and the Boston mayor, many investors and mayors oppose it, fearing it will stifle housing development amid already high construction costs and slow population growth. The uncertainty has led some institutional investors to halt or reduce investments in Boston and Massachusetts, with multifamily project deliveries declining significantly. Opinions vary on the measure's impact, with some suggesting limited effects in markets with low rent growth.

Residents of Fisher Island are suing developer HRP over allegations of a secret deal with Miami-Dade County involving the sale of a 9.6-acre site containing a century-old fuel depot. The residents claim HRP breached agreements to demolish the fuel bunk, remediate the land, and develop luxury condos, while also conveying part of the land to the community association. The fuel depot poses safety risks due to its age, location in a hurricane flood zone, and proximity to homes and a school. Miami-Dade County plans to buy the property to maintain fuel supply for PortMiami cruise ships, but the deal has faced criticism for being rushed and lacking prior county action. The site is the last major development opportunity on the island, known for its wealthy residents.

U.S. Immigration and Customs Enforcement (ICE) is seeking an additional 65,000 square feet of office space in San Antonio, Texas, and has purchased a nearly 640,000-square-foot warehouse to convert into a detention center with a capacity of 1,500 detainees by the end of 2026. The move has faced opposition from local officials and advocacy groups concerned about community impact and property values. ICE is expanding its workforce and budget, emphasizing that the new facilities will meet detention standards rather than being typical warehouses.

Recent building permit activity in Chicago showed a slight decrease compared to the previous week, with notable projects including a $21 million parking garage by Local IBEW on the Near South Side, new single-family residences in West Town and Lakeview, and significant interior alterations such as a $21 million renovation at the Art Institute of Chicago and a $13.8 million American Airlines lounge upgrade at O'Hare Airport. Additionally, a $7 million conversion of a bank into a medical care facility in Bronzeville was filed.

The article discusses political and development challenges surrounding two major residential projects in New York City: the Monitor Point apartment complex in Greenpoint, Brooklyn, and the Dewey Clinton Park North towers on Manhattan's West Side. Both projects face scrutiny over affordability and scale, with debates involving city council members, developers, and community groups. The Monitor Point project is stalled due to demands for more income-restricted housing and park commitments, while the Dewey Clinton Park North project involves an air rights transfer to fund park rehabilitation but faces local opposition. Additionally, the article covers the formation of a new city commission focused on government efficiency and affordable housing, as well as other housing policy updates in New York City.

The Fay, a 23-story residential tower in downtown San Jose, California, with 336 units, has been acquired by a group led by developers Andrew Jacobson and Gary Dillabough for $175 million. The building, originally opened in 2024, will be rebranded and renovated, including activating retail spaces on the ground floor. The City of San Jose has designated 197 units as affordable housing for middle-income households, prioritizing public servants such as teachers and firefighters. The new owners plan to implement Flow's technology and community-focused residential model, aiming to enhance neighborhood vibrancy.

Montgomery County, Pennsylvania, aims to build 2,000 new housing units annually by hiring consultants, revising land-use policies, offering grants, and possibly creating a land bank to develop underutilized properties. The plan focuses on easing municipal regulations, preserving existing housing, and improving homeownership pathways amid rising rent and home prices. This initiative aligns with Pennsylvania's statewide push for increased residential construction and zoning reforms to address affordable housing shortages.

Downtown Atlanta is undergoing significant redevelopment with major projects like CIM Group's Centennial Yards and CP Group's rebranded CNN Center aiming to revitalize the area with mixed-use developments including retail, hotels, apartments, and office space. Despite these efforts, the office market faces challenges such as tenant departures to Midtown, aging office buildings, and concerns about crime and homelessness. Experts emphasize the need for increased housing and improved urban infrastructure to attract and retain office tenants, with a vision that Downtown's office environment will transform over the next five to ten years.

A 209-acre agricultural land near North Texas Regional Airport was sold, highlighting growing industrial and mixed-use development in the Sherman-Denison area of Texas. The region is seeing significant investment including a $40 billion semiconductor plant by Texas Instruments, mixed-use communities for workforce housing, and plans for light industrial development near airports. These developments aim to support expanding air travel demand and population growth in the area.

Nuveen sold a five-building, 390-unit multifamily apartment complex called San Regis in Van Nuys, California, to Post Investment Group for about $69 million. The sale is one of the largest multifamily transactions in the San Fernando Valley this year. Nuveen had invested nearly $17 million in upgrades to the property, which features amenities like a junior-Olympic pool and pickleball courts. Post Investment Group, experienced in multifamily acquisitions in northern Los Angeles County, is expected to operate and maintain the property rather than redevelop it. This sale follows other significant multifamily transactions by Nuveen in the Los Angeles area.

MRR Development secured $135 million in financing from the Israeli bond market to refinance the Hotel Indigo in New York City and a development site in Miami, allowing more time to develop a mixed-use project. The financing reflects a higher interest rate compared to previous raises and highlights ongoing interest from Israeli investors in U.S. real estate despite past defaults. The Miami site permits a large mixed-use development, and other Israeli-backed deals continue in major U.S. cities.

The Jewelers Building in Downtown Chicago is undergoing a $25 million renovation led by CRG and Prime Group, including additions like a fine dining restaurant, coworking space, and rooftop bars, with construction starting in fall 2024 and openings planned for 2027. The building, recently acquired after a foreclosure, is experiencing a surge in tenants with major lease renewals and new headquarters moving in, reflecting resilience in the office market despite pandemic challenges. The historic landmark also has a local legend tied to Al Capone.

Walmart purchased a 507,000 square foot cold storage facility in Riverside, California, for $233 million, continuing its expansion in temperature-controlled logistics to support its growing online grocery delivery business. The Inland Empire market shows strong demand despite a cooling national market, with elevated rents and no new projects underway. This acquisition reflects ongoing demand for cold storage space amid shifting food inventories and consumer spending patterns.

Affinius Capital led an investor group to acquire Veris Residential, a real estate investment trust focused on Class A multifamily units in the northeastern U.S., for $3.5 billion including debt. The acquisition marks Veris's full transition to a residential portfolio, moving away from office properties over the past five years. The portfolio includes multifamily properties in the New York City metro area, Boston, and New Jersey. The deal was supported by a $2 billion bridge loan underwritten by Goldman Sachs and UBS Securities.

Jeff Greene is developing a 25-story apartment tower in West Palm Beach, Florida, featuring 366 units including 148 workforce housing units mixed throughout the building. The project will use a prefabricated mass timber system, making it one of the tallest of its kind in Florida, and will preserve historic facades on the site. Greene, a billionaire developer with a strong local presence, is also involved in other significant real estate projects and donations in West Palm Beach. Despite some contentious relations with city officials, he remains committed to providing affordable housing and advancing development in the area.

Construction has begun on the Miramar Cove project, a nearly 3,000-unit mixed-use development in Miramar, Florida, by Sunbeam Properties and Stiles. The 125-acre site will feature residential units, retail space including a grocery store, office space, and a hotel, along with extensive open park areas and walking paths. The project is expected to be completed by late 2028. Sunbeam is also planning a large mixed-use project in North Bay Village, Florida, including residential units, a hotel, and commercial space, continuing its expansion in real estate.

SkiPod, a virtual reality skiing and snowboarding simulator, has leased a 3,790-square-foot retail storefront at 572 11th Avenue in Manhattan's Hell's Kitchen, New York. This marks one of SkiPod's first retail locations, with another under development in Dubai. The retail space is part of a fully leased property owned by Eenhoorn, a Michigan-based investor, which also holds a condominium complex in New York. The lease was arranged by KSR brokers with an asking rent of $100 per square foot.

The Hawthorne Race Course in suburban Stickney, Illinois, is involved in bankruptcy proceedings amid allegations that the Illinois Department of Agriculture improperly diverted funds from the track to a rival, Fairmount Park Casino & Racing. The track's owners have been granted the ability to issue subpoenas to investigate these claims. Hawthorne filed for Chapter 11 bankruptcy in February 2024 and is currently for sale, with a previous offer of $107 million reported. Plans to convert the racetrack into a racino have been hindered by liens from unpaid contractors and regulatory issues, including a suspended racing license and overdue property taxes. Despite these challenges, building a casino alongside existing structures remains a possibility if the track is sold.

Epic Church San Francisco is in the process of purchasing a historic former church building at 491 Post Street in Union Square, San Francisco, for $15 million. The building, previously owned by the Academy of Art University, features a 1,000-seat sanctuary and 40-foot ceilings. This move will be the church's fifth location since its founding in 2010 and will allow it to expand its ministries and community impact. The church currently operates in a 20,000-square-foot space on Brannan Street, which it acquired in 2023 for $12 million.

A luxury single-family home in Beverly Hills, California, sold for $24 million, marking the highest residential contract in Los Angeles County last week. The Mediterranean-style estate features five bedrooms, 12 bathrooms, and extensive amenities including a chef's kitchen and guest house. Another high-value property in Brentwood, California, also went into contract for $16.5 million. These sales were part of 27 contracts totaling $206 million in the region, slightly down from the previous year.

Extell principal Gary Barnett is involved in a pre-foreclosure suit concerning a 73,000-square-foot office building at 110 East 55th Street in Midtown, New York. The foreclosure was filed by construction company JT Magen, claiming loan default by the Parkoff Organization. This building is part of Barnett's larger development plans on Park Avenue, where Extell recently acquired multiple properties and air rights to expand office space. The moves suggest a strategic effort to assemble a significant office development in New York City.

Chicago real estate investor Shai Wolkowicki is embroiled in multiple lawsuits involving financial distress and alleged mismanagement of multifamily apartment buildings on the South Side of Chicago, as well as foreclosure actions on vacant land parcels in Orland Park and Joliet. The disputes include accusations of misappropriated funds, code violations leading to property vacating orders, and defaulted loans totaling millions of dollars. The legal battles also involve former partners and lenders, highlighting ongoing challenges in Wolkowicki's real estate ventures across Chicago suburbs and the city itself.

Walmart Realty acquired a 507,000-square-foot cold-storage industrial facility in California's Inland Empire for $223 million, highlighting the strong demand for temperature-controlled logistics space in the region. The property, used for grocery and food distribution, features extensive loading and parking facilities and is strategically located near major highways. The Inland Empire remains a key market for Southern California's food distribution, with limited new construction and robust tenant demand expected to improve market conditions.

Two residential buildings in Culver City, California, are planned to be demolished to make way for a six-story multifamily apartment building with 40 units, including affordable housing. The project aims to meet state-mandated housing goals by providing a mix of one- and two-bedroom apartments with parking. Culver City is actively pursuing multifamily developments to address housing demand and affordability, including other recent affordable housing projects in the area.

The Bay Area hotel sector is experiencing significant financial distress with multiple properties facing loan defaults and foreclosures post-pandemic. Notable cases include the La Quinta Inn & Suites in San Jose defaulting on a $16 million loan, the foreclosure of the Huntington Hotel in San Francisco, and several other hotels in San Jose, Sunnyvale, Mountain View, Oakland, and San Francisco undergoing similar financial challenges. These events reflect a broader trend of declining property values and lender takeovers in the region's lodging market.

Developer Bob Dunn is reportedly in talks to merge his One Central project with the stalled Michael Reese 49-acre hospital megaproject on Chicago's lakefront. The Michael Reese site, led by Fairpoint Development and partners, faces challenges updating infrastructure plans and is unlikely to partner with Dunn. Both projects are large-scale mixed-use developments with significant public subsidies and ambitious transit components, but have experienced delays and setbacks. The city is aware of the negotiations as Dunn seeks to expand his Near South Side holdings.

Kinexx Modular Construction, a Chicago-based modular home company, is crowdfunding to expand its operations into eight urban markets across the U.S., targeting vacant urban lots for affordable housing development. The company addresses challenges in building on narrow, complex urban sites that traditional builders avoid. The expansion aims to utilize modular construction to reduce housing costs amid growing unaffordability, with initial focus cities including Detroit, Baltimore, Cleveland, St. Louis, and Columbus, Ohio. The campaign has attracted investments from 20 professional athletes and allows public participation starting at $500.

SL Green has partnered with Tokyo-based Mori Building Co. to develop a new 46-story, 850,000-square-foot office tower at 346 Madison Avenue in Midtown Manhattan, New York City. This marks Mori Building's first development project in New York and reflects increased Japanese investment in U.S. real estate, particularly in high-quality office and residential properties. Japanese firms have been actively acquiring stakes in major New York office buildings and residential developments, driven by economic pressures in Japan and seeking diversification and long-term returns in the U.S. market. The article highlights the strong demand for trophy office space in Manhattan and the broader trend of Japanese capital flowing into U.S. real estate, including multifamily and mixed-use projects in other cities like Miami.

Miami International Airport purchased a 68,000-square-foot industrial warehouse near the airport for $18.2 million as part of its $14 billion expansion and modernization plan. The property will be used for indoor storage and construction staging before being repositioned for commercial use. This acquisition is one of several recent purchases by the airport to support infrastructure improvements and future growth. Miami-Dade's industrial market remains active with strong leasing, rising rents, and ongoing new developments despite slightly increased vacancy and higher borrowing costs affecting cap rates.

Hackman Capital Partners is suing Erewhon for over $275,000 in unpaid rent at the Culver Steps mixed-use campus in Culver City, California. The lease, signed in 2021 and effective from 2023 to 2038, includes escalating monthly rent payments and additional costs. Culver Steps, a mostly office and some retail property totaling about 122,000 square feet, is currently being marketed for sale at a rumored $150 million. Hackman has faced financial difficulties, including defaults on other properties. Erewhon has also faced previous rent disputes at another location in California.

CoStar Group is reportedly close to acquiring Zonda, a residential construction data provider, for nearly $800 million, expanding its presence in the residential real estate data market. CoStar, based in Arlington, Virginia, has been investing heavily in residential data platforms, including Homes.com, and faces antitrust lawsuits alleging market dominance in commercial real estate listings. Zonda has also been active in acquisitions related to new home construction and digital home services. The article highlights CoStar's strategic moves and legal challenges in broadening its real estate data business.

The article discusses how artificial intelligence (AI) is increasingly being used in commercial real estate to assist with leasing and investment decisions, particularly in retail properties. A West Coast landlord, Sandy Sigal of NewMark Merrill Companies, shares examples of using AI to identify optimal tenants, create pitch decks, and evaluate acquisition opportunities, leading to successful deal closures in Southern California and Chicago. While AI improves efficiency and deal-making, Sigal emphasizes the need for human oversight to verify AI outputs and avoid productivity pitfalls.

Bain Capital Real Estate and 11North Partners have jointly acquired a portfolio of five open-air retail centers totaling 757,000 square feet across multiple U.S. markets, including California, Virginia, Florida, and Texas, for approximately $300 million. The portfolio features major grocery-anchored tenants such as Harris Teeter, Trader Joe's, Walmart, and Costco, with a 93% occupancy rate. Their joint venture, launched over two years ago, has deployed nearly $1 billion in capital across several retail acquisitions, focusing on grocery-anchored real estate assets. The partners recently closed a $1.6 billion fundraise to expand their open-air retail platform, emphasizing generational grocery-anchored properties as strong performers in the retail sector.

Alaris Aerospace Systems has signed a seven-year lease for 129,000 square feet at the Corporate Logistics Center in Jupiter, Florida, a facility used for warehousing, distribution, and office operations. The property, developed by Woodmont Industrial Partners and Butters Group, is located in Palm Beach County and features 36-foot clear ceiling heights and 48 dock-high doors. The lease brings the site to about half leased amid a sluggish industrial leasing market in Palm Beach County with steady asking rents.

Floyd Mayweather Jr. has filed a lawsuit against his former investment manager Jona Rechnitz, accusing him of fraud and diversion of $175 million related to real estate investments in New York City, Chicago, and Miami. Mayweather's high-profile acquisitions, including a 1,000-unit affordable rental portfolio in New York City and luxury Manhattan rentals, never fully materialized, with Mayweather only acquiring small interests or liquidating investments. The lawsuit alleges Rechnitz misrepresented deals and misappropriated assets, while Rechnitz denies the claims and points to Mayweather's financial issues. The dispute involves multiple lawsuits and unpaid bills, with Mayweather seeking an accounting of the funds. Key properties involved include affordable and luxury residential rentals, office buildings, and a luxury boutique hotel formerly the Versace Mansion.

The article discusses the current trends and future outlook for the U.S. office real estate market, highlighting that more office buildings are being converted or demolished than constructed, leading to a slight decrease in vacancy rates despite weak demand. Economic uncertainty, inflation, and the impact of artificial intelligence on the workforce are key factors influencing office space absorption and development. While some experts predict limited new office supply due to AI-driven job displacement, others foresee AI boosting office demand by creating new business opportunities and increasing productivity over the next decade.

The article discusses the impact of artificial intelligence adoption on the office real estate sector, highlighting that increased demand for data centers to support AI computing power is driving layoffs and reducing office space needs. While AI adoption will gradually reduce office demand over several years, data center development faces challenges such as power supply and community opposition, leading to project cancellations. Large tech firms are reducing office footprints and shifting investment toward data centers, with new data centers increasingly built outside traditional hubs.

GFP Real Estate announced three new lease deals totaling 24,815 square feet at its 630 Ninth Avenue office building in Manhattan, New York. The largest lease extension was signed by ATG Entertainment, doubling its space on the fifth floor. CRC Media and PKSB Architects also signed leases for office space on the ninth and twelfth floors, respectively. The building, renovated and spanning 275,000 square feet, serves as a hub for theater, media, and production-oriented tenants in Midtown Manhattan's Hell's Kitchen neighborhood.

Austin's affordable housing sector is expanding as leaders work to add more units to meet growing demand driven by population growth and an influx of young residents. The city has built over 32,000 affordable housing units since 2018 and continues to promote development through programs like the density bonus program DB90. The multifamily market in Austin-Round Rock is robust, with high occupancy rates and thousands of units under construction. Industry leaders, including Megan Lasch of O-SDA Industries, are recognized for their contributions to affordable housing development in Texas.

A recent report from Coresight Research indicates a resurgence in American malls, particularly high-end luxury malls that have adapted to attract younger generations with new tenants and experiences. Occupancy rates for malls have increased, with luxury malls exceeding 95% occupancy and showing stronger rental growth compared to non-top-tier malls. The closure of many stores has allowed mall operators to repurpose large retail spaces into smaller, more profitable units, attracting emerging brands and driving foot traffic. This trend suggests a revitalization of malls through capital investment and re-tenanting strategies.

Brookfield has sold the FIGat7th retail center in downtown Los Angeles to JH Real Estate Partners for approximately $65 to $70 million as part of a broader effort to divest assets in the area. The property was 85.8% occupied at sale, with major tenants like Target and Sephora. Brookfield has also sold the Victoria Gardens shopping center and is seeking buyers for several office towers in downtown L.A., including EY Plaza, Wells Fargo Center towers, and Bank of America Plaza, all facing significant debt and receivership issues.

New York City is implementing a pied-à-terre tax on luxury second homes starting July 1, which may have influenced the city's property tax assessments for the upcoming fiscal year. The number of single-family homes and small multi-unit buildings (Class 1) slightly increased, while apartments and condos (Class 2) saw a significant rise in units and market values. Taxable values and average taxes are expected to increase across various property types including single-family homes, condos, co-ops, office buildings, and hotels. Boroughs like Brooklyn experienced the highest rise in taxable property values, while Staten Island saw the smallest increase. The city’s total taxable and market values have risen, with tax bills due July 1 and potential adjustments to tax rates expected after the budget finalization.

Houston billionaire Tilman Fertitta is acquiring Caesars Entertainment, a major casino and resort company based in Las Vegas, in a $17.6 billion all-cash deal including debt assumption. This acquisition expands Fertitta Entertainment's casino resort holdings to 60 properties nationwide. The deal includes a go-shop period ending July 11, allowing other offers. Fertitta's move signals potential growth in the gambling industry, especially as gambling remains illegal in Texas but efforts to legalize it are underway.

The article discusses New York City's Mayor Zohran Mamdani's housing plan, clarifying that affordable housing landlords are not exempt from rent freezes but may use a longstanding tool involving loan modifications to restructure rents on vacant units. This practice, used rarely by the Department of Housing Preservation and Development, allows rent increases up to the level of new affordable units but is not a new or expanded policy in the current plan. The article also notes references to other support measures for affordable housing landlords without further details.

Billionaire Bill Koch's 52-acre Elk Mountain Lodge in Aspen, Colorado, is going to auction starting July 7 with a minimum bid of $99 million after failing to sell at previous listing prices. The property features a 16,600-square-foot main house, seven cabins, ponds, and various luxury amenities. Despite a booming ultra-luxury real estate market in Aspen, the estate has struggled to find a buyer since its initial listing in January 2025. The auction will be conducted online by Concierge Auctions over 10 days.

Brooklyn's luxury real estate market saw increased activity last week with 32 contracts signed for homes priced at $2 million or more, totaling $97 million in volume. The deals included 10 condos and 11 single-family homes, with the median asking price at $2.8 million and an average of 46 days on the market, the lowest this year. Notable sales included a $6.3 million two-family brownstone townhouse in Park Slope and a $4.6 million penthouse at the Avdoo Bergen development in Boerum Hill, featuring luxury amenities such as private roof decks and plunge pools.

Sky Equity Group secured $55 million in construction financing from Dwight Mortgage Trust to develop a 104-unit mixed-use multifamily project in Kaser, Rockland County, New York. The development will include 45,000 square feet of ground-floor retail space featuring a kosher grocer and an urgent care provider, catering to the local Orthodox and Hasidic Jewish community. The project is designed with one- to four-bedroom apartments to accommodate multigenerational families and benefits from strong population growth in the area.

The Trump administration's Department of Housing and Urban Development (HUD) has introduced a rule eliminating the final approval requirement for multifamily affordable housing projects with over 200 units or mortgages exceeding $5 million that receive federal support, aiming to reduce delays caused by redundant environmental reviews. This change is part of a broader deregulation effort to streamline housing development, particularly for affordable housing financed through HUD, and aligns with the administration's push to cut bureaucratic barriers and stimulate housing production.

Stefan Soloviev sold two waterfront homes in Delray Beach, Florida, for a total of $20.5 million to John and Ana Davie, who plan to live in the compound. The larger home sold for $15 million and the smaller for $5.5 million. Soloviev had purchased the properties for significantly less in recent years and made a profit. The homes are located in the Tropic Isle neighborhood overlooking the Intracoastal Waterway. Soloviev's company also acquired a five-property office and retail portfolio in Delray Beach for $32 million in 2023.

Fertitta Entertainment, owned by billionaire Tilman Fertitta, has acquired Caesars Entertainment in a $17.6 billion all-cash deal, adding over 50 resorts to its portfolio and taking the company private. The acquisition includes assuming $11.9 billion in debt and will see Caesars shareholders receive $31 per share. Caesars' leadership team is expected to remain in place, and the deal strengthens Fertitta's position in the casino and hospitality industry, particularly in Las Vegas, Nevada.