This is an edition of the Real Estate newsletter, a weekly briefing of the biggest commercial deals, news, analysis and trends in office, multifamily, retail and other commercial sectors. If you're not subscribed, sign up here.

Come October, New York City Mayor Zohran Mamdani's rent freeze will keep prices flat for the city's one million rent-stabilized apartments. Fewer Gen-Z and millennial renters have been able to break into that coveted housing stock. But some young New Yorkers have been lucky enough to snag these deals. Five of them opened their apartment doors and spoke with Rebecca Picciotto, Lily Belle Poling and Mathylda Dulian to reveal the perks-and tensions-of living in the most sought-after rental housing in the city.

Bally's big bet on bricks-and-mortar casinos is on shaky ground as it pursues major developments in New York, Chicago and Las Vegas. In an August filing, the global casino operator warned that it might violate liquidity and leverage requirements under its revolving-credit facility within a year. That alarmed Wall Street, which has been increasingly concerned about competition from online sports betting and prediction markets. Peter Grant reports on Bally's financial woes and just how high the cards are stacked against the company.

Miami's infamous "zombie condo" is one step closer to finding new life. The prime piece of waterfront real estate has been empty for three years, while the developer who bought out a majority of the building fought with a small group of owners who refused to sell their units. That legal standoff has finally come to an end with a settlement now closed. Deborah Acosta walks through the saga and what it all means for South Florida's aggressive condo buyout market.

These Young New Yorkers Scored the Ultimate Deal: A Rent-Stabilized Apartment

Younger New York City renters are less likely to live in the city's coveted rent-stabilized housing stock. Baby-boomer and Gen-X renters are loath to give up their deals. And old rent-stabilized properties are getting torn down for development projects, shrinking the pool of such apartments. Starting in October, when Mayor Zohran Mamdani's rent freeze takes effect, these apartments are poised to generate even more demand.

The young rent-stabilized tenants of New York City represent a rare breed of their generation. A few of them let us into their homes. Here's a peek.

The Rapid Expansion That Built Bally's Is Now Under Pressure

Bally 's has been piling its chips higher than ever on a bet that bricks-and-mortar casinos can thrive even as gambling moves onto phones and computer screens.

Now that stack is wobbling.

In August, the global casino operator gave investors a big scare about whether its heavily leveraged balance sheet could support major developments in New York, Chicago and Las Vegas.

Revenue from state-regulated sports betting last year, a 23% jump, according to the American Gaming Association. That dwarfs the 2.3% increase in revenue from traditional casino games.

Miami's 'Zombie Condo' Saga Ends With a Deal

A legal standoff that paralyzed a prime piece of Miami's waterfront and sent shock waves through Florida's real-estate industry has finally come to an end. Miami's "zombie condo" has been empty for three years, while the developer who bought out a majority of the building fought with a small group of owners who refused to sell their units.

Last week, Two Roads Development and the remaining individual owners of Biscayne 21 condo units signed an out-of-court settlement, clearing the way for the developer to move forward with its plans.

Data Points

26%: The percentage of homes selling for less than $150,000 that are financed with a mortgage, according to a new Pew analysis. In comparison, 71% of higher-cost homes get financed with a mortgage. The disparity shows that buyers of lower-cost homes are taking riskier financing strategies to complete their purchases.

53.4%: The share of for-sale listings in Boise, Idaho that are newly built, the highest percentage of such listings among U.S. cities, according to Realtor.com.

Beyond WSJ

AI Advocacy Group Launches Data Center Push in Battleground States (Axios)

Trump Administration Faces Pushback After Looking to Privatize Land on Yosemite National Park (CNN)

JCPenney Creditors Sue For Damages After $934 Million Deal For 117 Stores Collapses (Bisnow)

About Us

Craig Karmin is real estate news bureau chief. Reach him on X @CraigKarmin or via email at Craig.Karmin@wsj.com. The newsletter is compiled and edited by Kate King and Rebecca Picciotto, WSJ real estate reporters. Reach them via email at kate.king@wsj.com and rebecca.picciotto@wsj.com. Got a tip for us? Here's how to submit.