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Sunday, May 10, 2026

City Hall’s new Park Avenue redesign scheme is a convoluted mess

 by Steve Cuozzo

The Department of Transportation has another iconic city location in its sights to ruin: Park Avenue’s precious half-mile from East 46th to East 57th Street. Although the scheme to widen medians between traffic lanes at this point is only in the “proposal” stage, with two designs under review, count on the DOT getting its miserable, ideologically driven way as usual.

Why does Park Avenue’s commercial main drag — the most successful office corridor in the nation, home to great companies of many types — need grassy little plazas for Big Mac munchers and costumed cartoon characters like the ones that turned Times Square into a late-night comedians’ joke?

A Park Avenue redesign would eliminate at least one vehicular traffic lane, thus diverting cars onto other avenues — and give congestion-pricing advocates cause to demand even tighter restrictions than the ones that have done little to break up Midtown gridlock. Worse, like most recent traffic-pattern disruptions, the Park Avenue scheme is a Trojan horse for bike lanes. 

If it ain’t broke: Park Avenue doesn’t need to be reimagined — especially not with bike lanes.Mario Savoia – stock.adobe.com

One design explicitly includes one. Count on the cycling fascists to prevail over local wishes and common sense.

Like an elephant enraged from years of chained captivity, the DOT is the city’s rogue agency. Former Mayor Michael Bloomberg unleashed the beast when he tapped bicycle-loving Janette Sadik-Khan as commissioner in 2007.

Under Sadik-Khan, the DOT became the de facto muscle arm of Transportation Alternatives, the bike lobby’s most influential — and ruthless — enforcer, and the lobby’s virtual house organ, Streetsblog.org. Cyclists gained more clout under former Mayors Bill de Blasio and Eric Adams, and will surely have freer rein under communist Mayor Zohran Mamdani.

Under bike-loving Sadik-Khan, the DOT became the de facto muscle arm of Transportation Alternatives, the bike lobby’s most influential — and ruthless — enforcer.Bloomberg via Getty Images

The agency was hijacked by anti-auto ideologues who subscribe to the pipedream that cars can one day be entirely eliminated in favor of bicycles. That the percentage of New Yorkers who pedal to work remains under six percent according to US Census data, is of no account when it comes to the cyclists getting their way.

The two-wheels zeal of a small minority of mostly younger, physically fit New Yorkers has made parts of town, especially in Manhattan and Brooklyn, closely resemble the Tour de France. Even more dangerous e-bikes turn busy avenues and Central Park into something akin to NASCAR tracks.

Although the DOT calls the widened medians merely a “people-centered” recreation ground, bike zealots are clamoring for a north-south speedway through Park Avenue’s heart. They’ve argued at community board meetings that without a bike lane, the avenue will remain a “six-lane highway” and are working on city officials to give them their way.

Bike zealots are clamoring for a north-south speedway through Park Avenue’s heart.inna253 – stock.adobe.com

Mamdani fueled their hopes when he became the first mayor to ride in last week’s traffic-snarling, pedestrian-terrorizing Five Boro Bike Tour. He promised to create a “bike boulevard” on Bergen and Dean streets in Brooklyn. He recently gave e-bike riders virtual license to kill by removing criminal penalties for errant riders.

Given the lobbyists’ past victories, betting against a Park Avenue bike lane would be a fool’s errand.

Nearly all of the changes to traffic patterns over the past two decades were made to reduce or discourage auto use so as to make life easier for bikers. They included incomprehensible left-turn rules, unloved asphalt “plazas,” traffic signals re-programmed to bring avenues to a standstill, and new bike lanes where “protection” for cyclists was provided by cars forced to park in the middle of avenues.

Mamdani gave hope to the bike lobby when he became the first mayor to ride in last week’s traffic-snarling, pedestrian-terrorizing Five Boro Bike Tour.

The lanes were inflicted on major commercial corridors such as Midtown Sixth Avenue and residential ones like Prospect Park West — over strident objections from businesses and residents. Ugly “plazas” south of 34th Street made a mockery of the name “Broadway,” where the iconic boulevard was constricted into two lanes.

Setbacks to the cyclist-coddling agenda were few. Bloomberg axed Sadik-Khan’s dream of turning much of West 34th Street into a suburban-style, one-way exit ramp to New Jersey, but a de Blasio-era 34th Street “busway” scheme was blocked only by the Federal government.

It’s about time someone stands up to the bike lobby and says “No.”UCG/Universal Images Group via Getty Images

Adams mercifully yanked a bike lane from a Midtown Fifth Avenue redesign expected to start next year. The plan calls for fewer traffic lanes to allow wider sidewalks than the very wide ones that already exist — an invitation to low-spending bench-sitters, and a guarantee that the “world’s greatest shopping street” will lose even more high-end stores than it already has lost to schlocky ones.

But bike advocates who are howling over the Fifth Avenue lane removal might yet get their way — as they will on Park Avenue unless New Yorkers finally stand up to them and say, “No more!”

https://nypost.com/2026/05/09/opinion/city-halls-new-park-avenue-redesign-scheme-is-a-mess/

Friday, May 8, 2026

Coastal-focused property & casualty insurer Safepoint Holdings files for estimated $250 m IPO

 Safepoint Holdings, a property and casualty insurance underwriter and platform focusing on coastal areas, filed on Friday with the SEC to raise up to what we estimate could be $250 million in an initial public offering.


Safepoint Holdings is a specialty property and casualty insurer focused on coastal markets, primarily Florida and Louisiana, serving both homeowners and small commercial policyholders. The company operates through a predominantly fee-based platform that manages the full insurance value chain, combining a wholly owned insurance subsidiary with policyholder-owned reciprocal exchanges that Safepoint manages as attorney-in-fact. With over $1 billion in in-force premiums, the majority of which sits within the reciprocal exchanges, the business is structured to be capital-efficient, generating fee income from managed premium volume rather than relying primarily on balance sheet risk-bearing.

The Tampa, FL-based company was founded in 2013 and booked $572 million in revenue for the 12 months ended March 31, 2026. It plans to list on the NYSE under the symbol SFPT. Safepoint Holdings filed confidentially on November 26, 2025. Deutsche Bank, Morgan Stanley, Keefe Bruyette Woods, Citizens JMP, Piper Sandler, Truist Securities, and William Blair are the joint bookrunners on the deal.

Monday, May 4, 2026

Foreclosures hit highest level in 6 years as insurance, property tax costs squeeze homeowners

 Foreclosures rose to the highest level in six years in the first quarter of this year as homeowners are squeezed by rising costs related to insurance and property tax bills.

The Wall Street Journal reported that data from Attom shows the number of U.S. properties with a foreclosure filing has trended up to nearly 119,000 in the first quarter, an increase of 26% from the same period last year.

That figure is the highest since the first quarter of 2020, when mortgage relief measures implemented to mitigate the economic impact of COVID shutdowns led to a steep decline in foreclosures.

Analysts have noted that the current foreclosure rate represents a return to what were normal levels prior to the COVID-19 pandemic, as opposed to a sign of borrowers becoming increasingly distressed financially.

However, the Journal's report said that although many homeowners have low mortgage rates, rising costs for things like home insurance, property taxes and dues for homeowners' associations are ramping up spending on bills.

A report by Insurify found that the average annual bill for homeowners insurance rose $2,948 in 2025, up 12% from 2024, while Attom data showed that average property tax burdens were up 3% to $4,427.

Those who purchased homes within the past few years may be in worse shape after purchasing at higher mortgage rates, as some areas have seen declines in home values that could leave some owners underwater.

Homeowners who are facing financial distress and the risk of slipping into delinquency or foreclosure have fewer options for relief than what was available a few years ago before pandemic-era programs were sunset. 

For example, the Federal Housing Administration (FHA) announced in October that homeowners are limited in resorting to measures like loan modification to avoid foreclosure once every 24 months.

The data comes as data shows the average monthly payment for all outstanding mortgages reached a new high at the end of last year, as it rose to $2,005 in the fourth quarter, according to Realtor.com data.

The uptick covers the full portfolio of mortgages in the U.S., including a large group of borrowers who took out loans before 2022 and have mortgage rates of 4% or lower – whereas new buyers face significantly higher payments given the elevated mortgage rates.

The average monthly payment for new homebuyers passed the $2,000 threshold for the first time in September 2022.

https://www.foxbusiness.com/economy/foreclosures-hit-highest-level-6-years-insurance-property-tax-costs-squeeze-homeowners