2025 Year in Review: Zach Bernstein and Tal Golomb, Fried Frank

 

 

What transaction, project, or key moment best reflected the direction of the New York CRE market this year? 

The City of Yes for Housing Opportunity was passed at the end of 2024 to address NYC’s housing crisis, and throughout 2025 we saw key zoning initiatives come to fruition, paving the way for more housing development. The city council approved the Midtown South mixed-use plan, which changes the zoning for 42 blocks in Midtown South to allow for more housing in a previously non-residential area. 

We also saw NYC voters approve several housing-related ballot provisions that amended the city’s charter, establishing a fast track process for affordable housing and an Affordable Housing Appeals Board.

What accomplishment, milestone, project or transaction stood out for you or your firm in 2025? 

Fried Frank guided two of the three successful applicants for a gaming facility license that the State recently issued. The Queens Future project by Hard Rock and Mets-owner Steve Cohen will be the largest economic development initiative in Queens, with an $8 billion investment, thousands of new jobs and 25 acres of public space. Bally’s in the Bronx will bring billions of dollars of investment and community improvements, revitalizing the area. This is an example of the firm’s ability to advise on all aspects of complicated and impactful projects– from land use approvals through transactions. 

What emerging trends or shifts will shape opportunities for you, your firm, or market sector in 2026?

We are expecting a continued uptick of office-to-residential developments in NYC. Fried Frank has advised the three largest conversions in the country: 25 Water St., the former Pfizer headquarters and 5 Times Square, with more expected developments to come in 2026. Additionally, with the “City of Yes” zoning initiatives, many of our clients are revisiting sites and finding opportunities to develop where they were not able to before, and a big piece of what we are doing is working with the city government to hash out how the new rules work and what can be accomplished.