The reckoning at the D&D

Issue #00025: April 30th, 2026

Hello readers,

I’m writing this from Venice, where my morning lungo macchiato comes with a side of canal fog and the sound of delivery boats hitting the dock at dawn. My schedule here is reversed—daytimes are for Venice, evenings for New York—and I’m running on clams, caffeine, and adrenaline. Massive week ahead.

We’ve got an insider’s take on North Carolina’s High Point Market—that’s right, Mr. Thread operatives are everywhere this week. We’ve also got the biggest story we’ve ever published on the troubled D&D Building: a candid conversation with a veteran Midtown commercial broker about what Fortress really wants, what might happen to the building if Cohen defaults, and what showroom tenants should do right now.

We also dive into another huge story about the looming tariff refunds, and the big question everyone is beginning to ask: if I get a refund, should I be giving it back to my clients? No easy answers here. 

Next week, I’ll be at the Fondazione Dries Van Noten in a 15th-century palazzo on the Grand Canal—Comme des Garçons, Christian Lacroix couture, and contemporary art under Tiepolo ceilings. I can barely sit still.

Read on for the tariff refund debate nobody wants to have, why mohair is out, and what Taylor Swift trademarking her own voice means for every creative in our industry.

See you next week,

Mr. Thread

What Happens to the D&D Building Now?
I went to Shun Lee Palace in Midtown with a veteran broker I’ve known for years—a family friend, three decades in the market. I’m not naming him because I want him to keep talking to me. A judge gave Charles Cohen 45 days to raise $135 million or lose 979 Third Avenue to a court-appointed receiver. If he can’t, Fortress steps in. Over egg rolls and pork fried rice, I got the answers our industry needs. Here are the edited highlights of our conversation…