Monday, December 29th
Good morning, New Yorker.
The city holds its breath on the final Monday of the year. Institutions are pivoting, some ending, some just beginning as Times Square prepares for its annual transition ceremony watched by millions. The air feels tense but expectant, with major power changes underway and long-running challenges still unresolved.
Weather Brief
It’s an uncomfortable start: temperatures hover around 39 degrees but feel closer to 29 with high winds gusting over 40 mph. Walking is brisk and tough; dress for warmth and prepare for delays if biking or riding the ferry.
What to Watch Today
- Mayor-elect Zohran Mamdani will finalize preparations for his January 1 swearing-in, to be held in the retired City Hall subway station minutes after midnight.
- Ongoing scrutiny continues around the police shooting in Far Rockaway, with elected officials requesting further transparency.
- Preparations ramp up for the January 8 bankruptcy auction of 5,100 rent-stabilized apartments previously managed by Pinnacle Group.
- A record-setting flu season is straining city health resources, as over 71,000 cases were reported statewide last week.
The Lead
Summit Properties USA has bid $451 million to acquire a bankrupt portfolio of 80 rent-stabilized apartment buildings across the city, affecting more than 5,100 tenants. The deal, pending court approval and possible higher offers, follows months of complaints about broken systems, neglected repairs, and financial mismanagement under current owner Pinnacle Group. The outcome will directly shape housing security and stability for thousands, and may test how the city navigates public need under private ownership.
Power & Accountability
- Federal prosecutors expanded a fraud case against the former head of Queens Defenders, citing new evidence tied to misuse of public funds.
- NYC’s top prosecutors united this year to push back aspects of state-mandated discovery reforms, reshaping how evidence is shared in criminal cases.
- Mayor Adams marked the end of his term by emphasizing the seizure of 25,000 illegal guns, while defenders and critics continue to debate the broader legacy of public safety policy.
Around the City
- Citi Bike will raise rates again starting January 5, increasing financial pressure on regular users as inflation continues to affect transportation costs.
- Ms Rachel is joining Mayor-elect Mamdani’s inaugural committee and will lead a campaign to donate books to newborns as part of a proposed citywide “Baby Baskets” program.
- The coming OMNY transition has some New Yorkers reluctant to ditch their MetroCards, as the symbolic plastic fare card era nears its close.
The Thread
This is a city in a precarious pause, between mayors, between ownerships, between years, with deep challenges like housing affordability and institutional transparency carrying over into 2026. Public trust remains a central concern as leaders shift and systems strain, from courtrooms to classrooms to hospitals. Today, governance feels less like a new start and more like a recalibration with uncertain footing.
Today in New York is a handoff, between leaders, between years, and between the promises of power and the weight of their consequences.