Never Mind Mamdani: Wall Street Doubles Down on NYC (Greg David/The City)

AI Briefing

• – Wall Street is moving forward with plans to demolish the Grand Hyatt Hotel in Manhattan, despite previous concerns raised by Jamie Dimon, the CEO of JPMorgan Chase, in a 2019 op-ed, and ex-DNC Chairman Howard Dean's warning in 2020 that the project would 'unduly enrich' Trump and his allies.
• – The new 95-story office building will be developed by RXR and its partner TF Cornerstone and will cost an estimated $6.5 billion to construct.
• – The project is the latest example of Wall Street's continued investment in New York City's real estate market, despite concerns about gentrification and the impact on the local community.