Originally published July 29, 2025 in New York Real Estate Journal
Manhattan, NY New York City’s commercial real estate think tank and networking group CRE BizDevel held a panel discussion “Unpacking the City of Yes: Zoning Reform and Its Impact on NYC Real Estate.” Real estate, architecture, legal and construction experts explained the new City of Yes legislation and its impact on the commercial and multi-family property segments in NYC, especially the rapidly growing commercial-to-multifamily conversion market.
AnaTracey Hawkins, director of strategic growth at L&K Partners and founder of BizDevel, moderated the discussion. Panelists included IMC Architecture principal Eugene Mekhtiyev AIA, LEED GA; L&K Partners CEO John McCarthy-O’Hea; New York Building Congress president Carlo Scissura; Sheldon Lobel, P.C. zoning and land use attorney Richard Lobel and HKS Real Estate Advisors principal Peter Carillo.
Hawkins said, “The success of the City of Yes is critical to numerous stakeholders in New York City – residents who suffer from a severe shortage of affordable housing, the design and construction industries who rely on the growth of the real estate sector, and the real estate industry itself which is struggling with both the consequences of the decline in demand for office space and the looming mortgage payments for loans obtained against equity prior to the pandemic. As a leading New York City real estate think tank, BizDevel felt it was critically important to discuss all aspects of this legislation, from financial to legal, design and zoning, as well as opportunities and pitfalls inherent in all wide-ranging legal undertakings.”
During the discussion, the panelists addressed how zoning updates are accelerating approvals and unlocking new opportunities; the push for adaptive reuse, sustainability, and higher-density housing; the challenges and roadblocks developers, architects, and construction managers still face; and what this means for NYC’s future real estate landscape.