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New York Related News
New York Related News
28
Jul
HIGHLIGHTS
» Availability continued to tighten, falling 50 basis points (bps) quarterover-quarter to a six-year low of 15.0%.
» Leasing activity totaled 10.8 million square feet (msf) in Q2 2026, down 6.8% from the prior quarter. Despite the quarterly decline, first-half transaction volume reached its highest level since 2014.
» Legal services led Q2 leasing activity, accounting for 29.8% of total volume.
» Simpson Thacher’s commitment to the full office component at 570 Fifth Avenue, following American Express’s 2.0-million-square-foot commitment at 2 World...
14
Jul
On June 23, 2026, the New York City Department of Consumer and Worker Protection (DCWP) quietly adopted its final rule regulating the amended NYC Earned Safe and Sick Time Act, or “ESSTA” (also called in NYC written guidance the “New York City Protected Time Off Law”). The final rule largely leaves intact the regulatory scheme set forth in the proposed rule issued on January 22, 2026, but clarifies certain issues raised by commenters and adds additional requirements. The final rule takes...
02
Jul
New York’s recently enacted Fiscal Year 2027 State Budget, signed into law on May 28, 2026, approved significant tax law changes for both personal and business taxes. Although the Bill preserves NY’s business tax rates, several major law changes could meaningfully impact 2025 tax returns and prospective tax planning. Below is a summary of the key provisions.
RATES REMAIN UNCHANGED
New York’s personal income and business tax rates remain unchanged in the Bill. The 7.25% corporate franchise rate on business income...
29
Jun
A rush transcript of the Governor's remarks is available below:
Finally arrived, and we are so excited to be here. So many months, years of anticipation, preparation, and I want to thank Chris for his leadership and making sure everything works perfectly. Right, Chris? Where'd you go? Okay, there we go. So it’s in good hands, but the President of Sail4th 250 is of course, a once in a lifetime opportunity – nobody else has had the job before...
06
Nov
Zohran Mamdani, the winner of New York City's mayoral election, has proposed freezing rents at the city's rent-stabilized apartment properties. He's proposed other freebies, like bus trips and daycare, but we'll focus on his promise to make apartments rents affordable—by, of all things, freezing them.
Mamdani has also proposed building another 200,000 units over the next decade, which would be the route to take to ease some of the city's housing woes. But he aims to have the city build...
23
Oct
Among the hundreds of bills passed during New York’s 2025 legislative session are several pieces of legislation that impose regulations on developing and using AI. While some of the measures are aimed at refining recently adopted laws, some of the bills would regulate the technology in entirely new ways.
The governor is a strong supporter of advancing AI technology, previously stating, “hoever leads in the AI revolution will lead the next generation of innovation and progress, and we’re making sure...
22
Oct
It's been five-and-a-half years since the onerous Covid lockdowns were instituted across most of the country, devastating the office, retail, and hotel sectors.
While the latter two sectors have come back, the office market continues to feel the pain. But it's not uniform, as the best buildings in most areas are doing just fine. It's the others that aren't quite there yet—t's not clear whether they'll ever return. The work-from-home, or WFH, movement might have played a role, but exactly...
09
Oct
Funding Cuts Puts More Than 1,000 Jobs At Risk, State To Take Total Economic Hit of $650 Million
Governor Calls On Washington Republicans To Restore Funding and Stop Playing Politics With New York Jobs and Businesses
Governor Kathy Hochul today highlighted a list of federal funding cuts, released by Congress, that outlines grants terminated by the Trump administration through the Department of Energy. Last week, the White House announced that it was going to abruptly terminate nearly $500 million in clean energy...