Lenders, including Wells Fargo, have issued a $1.6 billion construction loan.

The market overall is steady.

The move comes on the heels of the company's $3.3 billion in investments over the last two years.

Demand was strong enough to outpace supply.

Deliveries aren't being absorbed in the market, even as supply tapers.

No construction is underway in the market.

"Better neighborhoods are getting a lot of interest" and "deals are getting done at pretty strong rents," says Lee Block, president of RTL.

Mamdani's arrival sparks anxiety among investors, but strong fundamentals underpin the property market.