Lina Khan, the new chair of New York City’s Economic Development Corporation (EDC), is pushing for a shift in the organization’s focus. The former antitrust regulator, who previously helmed President Biden’s Federal Trade Commission, aims to prioritize public needs over corporate interests, moving away from the city’s traditional approach to economic development. Khan’s background in antitrust regulation equips her with a unique perspective on balancing power relations between corporations and the public sector.
At the New York City Policy Forum Convening, Khan criticized the “trickle-down theory” that has guided the city’s economic strategies for decades. She argued that catering to the wealthiest corporations has led to a bias toward luxury projects and privatization, often at the expense of building state capacity. Khan emphasized that this approach has left many New Yorkers behind, failing to address the needs of everyday residents.
Real Estate and Development Updates
In other news, the city’s real estate market continues to thrive. The most expensive residential sale recorded was a $24.6 million Upper East Side condo at 255 East 77th Street, PHC, spanning 5,500 square feet. Compass’ Alexa Lambert, Alison Black, and Shelton Smith handled the listing. Meanwhile, the most expensive commercial transaction was $21 million for two adjacent Crown Heights parcels at 566 Grand Avenue and 836 Dean Street, acquired by Haussmann Development. These parcels, home to auto-repair shops, total over 10,000 square feet of commercial space.
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New to the market is a $27 million Upper West Side townhome at 247 Central Park West, measuring 12,300 square feet and priced at $2,200 per square foot. Barnes New York holds the listing. Additionally, a proposed 17-story, 91,240-square-foot mixed-use building in Astoria has been filed at 35-24 41st Street, with Jeremiah Zuidema of Archimaera Architecture as the applicant of record.
On the labor front, minimum wage earners will not see an increase from the current $17 an hour rate on January 1 due to a quirk in a 2023 state law. The statute ties the minimum wage to the consumer price index, a provision stemming from Governor Kathy Hochul’s insistence during negotiations that annual hikes be suspended in the event of an economic downturn. This decision comes despite the state’s projected job growth by year-end.
