Crain's New York Business

One of the city's oldest steakhouse brands and its Midtown home have been sold to Texas-based hospitality corporation Landry's for $30 million. Now known as Keens Steakhouse — famous for its mutton chop and list of loyal diners over the years, including the late Anthony Bourdain — the restaurant became an independent chophouse in 1885 under the ownership of Albert Keen. Before that, it was part of what's called the Lambs Club, a theater and literary group founded in London. Radiation oncologist turned restaurateur George Schwarz eventually acquired Keens in the late 1970s for an unknown amount and is credited with breathing new life into the Midtown restaurant after it had fallen on hard times. Schwarz died in 2016, but his estate still owned the 72 W. 36th St. institution until it sold it this month for $30 million to Tilman Fertitta, the billionaire businessman and television personality behind Landry's, according to a deed that appeared in the city register Thursday. Since Schwarz's death, Keens has been operated by its employees, led by Bonnie Jenkins, the general manager, who is also a trustee of Schwarz's estate. Jesse Fink is listed as the executor of Schwarz's estate and facilitated the sale, records show. Read more: https://lnkd.in/gGEbDwKz

The struggling office market and the next Trump administration have one thing in common, according to Newmark CEO Barry Gosin: Both situations will eventually pass. “The thing that cycles have in common? They all end,” said Gosin, who was taking part in the panel discussion “What’s Next for Real Estate?” at?Crain’s?NYC Crossroads event in Times Square Tuesday. “Every cycle is different,” he added. “But it always works itself out. In fact, some “green shoots” are already visible: New York this year is on track to experience as much as 35 million square feet in leasing volume, he said, a total that would put it on par with the prepandemic year of 2016. And the 11 million square feet currently being converted into housing, including?several projects in the Financial District, are helping to put a dent in the 50 million square feet of excess space weighing down the sector today, he said. Read more: https://lnkd.in/eA2dF2CE

Related snapped up the Lincoln Place apartments for $30 million in 2016 and let them go for about $16 million.

"I called him up and I said, 'I think we can work on some significant projects,' and he really started listening," Hochul said. "I need the subway system to be world class. This defines us. This could be a legacy project for all of us."

The GOP's takeover of the federal government means that the cap on state and local tax deductions, widely loathed among New York’s high earners, is likely here to stay, U.S. Rep. Ritchie Torres predicted on Monday. Loosening the $10,000 cap on SALT deductions — which was created by the Republicans' 2017 tax law and is set to expire in 2025 — is “by far” the highest priority of New York’s congressional delegation in the coming year, the Bronx Democrat said. But abolishing the cap entirely would cost the U.S. Treasury about $1 trillion over 10 years, Torres noted — a “tough sell” that makes a modest lifting more likely. “If I were a betting man, I would bet that we raise [the $10,000 cap],” Torres said. Read more: https://lnkd.in/eGwq77NY

We thoroughly enjoyed our opportunity last night to mix and mingle at the Crain's New York Business "Networking With Real Estate" event, featuring our President & CEO Carlo Scissura, Esq. Carlo and Crain's Editor-in-Chief Cory Schouten discussed everything from the recent congestion pricing news to changes in Washington to NY's biggest infrastructure needs. We also had the opportunity to catch up with folks from the real estate world and beyond to talk about the most-pressing issues in the city right now around that sector, including City of Yes and Get Sheds Down. We appreciate Crain's having us, and here is coverage of the event -- including some Penn Station talk! https://lnkd.in/dyXVpfDd

Snag a table while you still can.

Carlo Scissura, head of the New York Building Congress, is optimistic for the future of local infrastructure projects, especially the renovation of Penn Station. The key will be appealing to Trump's origins as a real estate developer and public persona, said Scisurra Thursday during an interview with Crain's Editor-in-Chief Cory Schouten. "It's very simple: Get him excited about it. Bring him here. Have him feel like it's a project that he could put his hands on and love and feel like one day people will say, 'Donald Trump helped get this done,' and now you got a new Penn Station," he said.

Jay Clayton would replace Damian Williams, who is leading the criminal case against Mayor Eric Adams.

Locanda Verde opens at 50 Hudson Yards this week.