The Actual Property Board of New York has chosen legal professional Jonathan Mechanic, a companion at Fried Frank who runs the agency’s actual property division, as its subsequent chair.
At the beginning of 2027 Mechanic will succeed present Chair Jed Walentas, CEO of Two Bushes Administration, REBNY introduced Tuesday.
“To be the primary practising legal professional elected Chairman of REBNY in its storied historical past is likely one of the biggest honors of my profession. I’m humbled to observe within the footsteps of icons like Burt Resnick and Lew Rudin, and present giants like Jerry and Rob Speyer, Douglas Durst, and my speedy predecessor Jed Walentas,” Mechanic stated in an emailed assertion. He added that he’ll proceed working his day job at Fried Frank.
Mechanic already serves on the REBNY’s government committee and board of governors, and in addition chairs the advisory board of the NYU Furman Heart for Actual Property and City Coverage.
REBNY President James Whelan thanked Walentas for his three years of management, highlighting the housing and financial growth priorities he superior throughout his tenure.
Walentas lauded Mechanic’s management and depth of expertise within the REBNY announcement, describing him as “some of the revered voices in New York actual property.”
One of many metropolis’s strongest lobbying organizations, REBNY is at an inflection level. Whereas it’s championed main modifications to construct extra housing in New York, it’s confronted elevated headwinds from an more and more highly effective progressive bloc of lawmakers. The outgoing chair’s hallmark initiatives included pushing for the Metropolis of Sure agenda adopted by the Metropolis Council in 2024, State Environmental High quality Evaluation Act reform and a tax incentive for workplace conversions.
Walentas additionally oversaw advocacy in opposition to the FARE Act after the Metropolis Council accepted the regulation final yr requiring landlords to pay rental dealer commissions, a legal battle the trade group finally misplaced within the U.S. Court docket of Appeals for the Second Circuit.
REBNY has additionally butted heads with Compass, which accounts for 80 p.c of the market share of Manhattan’s residential dealer listings, suspending and fining the brokerage big in 2021 earlier than Walentas turned chair. The commerce group has strived to protect its oversight of unique listings on its Residential Itemizing Service, going through friction from brokerages that prioritize non-public listings and make the most of aggressive recruiting techniques.
The plight of rent-stabilized landlords has additionally been a chronic battle REBNY has waged. The New York state legislature’s 2019 passage of the Housing Stability and Tenant Safety Act drew sharp criticism from REBNY, which launched a report in 2024 highlighting its “disastrous” impact on house owners of rent-stabilized portfolios and has vocally opposed Mayor Zohran Mamdani’s promised freeze on lease will increase for stabilized items earlier than the Hire Tips Board.
Learn extra
REBNY’s message to Mamdani: Hire “the best people”
At REBNY gala, Mamdani skips while Hochul pledges to continue as industry ally
