Deconstruct
All the real estate news you need to know, from the reporters and editors of The Real Deal.
Displaying 1 item of Deconstruct with the tag "j-51 tax break".
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How the last great development site in NYC left some of the Upper East Side's wealthiest residents with nowhere to go | Deconstruct
May 18th, 2026 | Season 5 | 24 mins 44 secs
800 fifth avenue, citypheps, co-ops, fortress, j-51 tax break, luxury renters, naftali group, nyc budget, owner-occupied office space, pied-à-terre tax, rent guidelines board, sextortion case., upper east side rental market, wes edens
In this episode of Deconstruct, hosts Lilah Burke and Hannah Kramer unpack how New York City’s new budget, the proposed pied-à-terre tax, and changes to programs like CityFHEPS and J-51 could reshape the city’s real estate landscape. They break down what a 0–2% Rent Guidelines Board proposal means for rent-stabilized tenants and landlords, and examine new federal-style tax incentives that are driving owner-occupied commercial real estate.
Residential reporter Jake Indursky joins to tell the story of 800 Fifth Avenue, a prime Upper East Side rental building being cleared out to make way for ultra-luxury condos, forcing long-time, high-paying renters into a brutally tight Upper East Side rental and co-op market. The episode closes with a look at the federal sextortion case involving Fortress CEO Wes Edens, offering a rare glimpse into the personal risks facing high-profile real estate financiers.