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RECENT NEW YORK CITY PLANNING NEWS
New Park on Tribeca Waterfront
July 23, 2008 | New York Times
The latest segment of the Hudson River Park opened today in Tribeca. The nine-block stretch now marks the halfway point to the park's completion. The Hudson River Park Trust is guiding the development which will run from Battery Park to 59th Street.
Upper Eastside Residents Lobby for Larger Landmarks District
July 23, 2008 | New York Sun
Upper Eastside residents are lobbying the Landmarks Preservation Commission to include 200 additional building to the historic district created in 1981. The cornerstone building, the Kean House, was built in 1880 and sits just outside the boundaries of the district. The Landmarks Commission stated it is looking into the area, but there is no timeline as of now.
Despite Conversion of Some Apartments, Stuy Town Revenues Dropped
July 23, 2008 | New York Times
Since developer Tishman-Speyer purchased Stuy Town and Peter Cooper Village two years ago, they have converted a number of previously rent-stabilized apartments to market rate. Despite this conversion, sources say revenues for this past year have dropped. This drop is attributed to legal fees from fighting tenants who contested the conversions and also from the weakening housing market. The conversions have been highly contested by elected officials, tenants, and housing advocates, however the developer maintains the conversions only took place where tenants were abusing the system.
Landmarks Commission Considers Prospect Heights for Designation
July 23, 2008 | Brooklyn Papers
The Landmarks Preservation Commission is considering 12 blocks in Prospect Heights for designation as an historic district. The area which directly abuts the Atlantic Yards project, is part of historic brownstone Brooklyn. While most seem in general support of the designation, some are saying it may be coming too late to the neighborhood that is already in danger of out-of-scale development due to the precedent set by Atlantic Yards.
Staten Island Borough President Opposes Parks Department Plans for Fresh Kills
July 23, 2008 | SILive.com
James Molinaro, the Staten Island Borough President, opposes the placement of two planned roads to cut through the Fresh Kills Natural Area being created by the Parks Department. Although the ULURP process has yet to begin, Molinaro has let it be known he disagrees with certain aspects of the plan and does not plan to back down. It is not believed the City will try to circumvent his approval due to the controversy that could create.
Rescue of Fannie and Freddie Could Carry Hefty Price Tag
July 23, 2008 | New York Times
The Congressional Budget Office reported today that a proposed government bailout of troubled mortgage companies Fannie Mae and Freddie Mac would be budgeted at $25 billion. However, they also claimed a better than fifty-fifty chance that no expenditure would be necessary, and office director Peter Orzag suggested that simply passing the legislation enabling a bailout might restore enough market confidence in the companies to avert a crisis. The House is expected to vote on the rescue plan this week as part of a broader package of housing legislation.
Willets Point Business Owner Sells Property to City
July 22, 2008 | The Real Deal
Flushing Towing, a business located in Willets Point, has agreed to sell its land to the City and move its operation to a vacant property in Flushing. Carlos Canal, owner of Flushing Towing, has had his business in Willets Point for 18 years without proper plumbing. He is the fourth business owner over the past four years to sell his property to the City so the City can move forward with its plans to redevelop the area into a mixed-use neighborhood estimated to cost $3 billion. Despite this sale, there are a still a number of businesses in Willets Point that are fighting the City’s plans.
Famous Designer Hired as Part of Clock Tower’s Redevelopment Team
July 22, 2008 | Reuters UK Edition
Africa Israel, the owner of the Clock Tower on Madison Avenue, has hired Versace, the high-end Italian brand to design the interiors of the building. The Clock Tower, which once functioned as MetLife’s headquarters, will be redeveloped into condominiums. The final project will include 55 luxury apartments, a restaurant, and a spa and its estimated worth is $1 billion once completed.
Brooklyn Cultural Groups to Move into Restored Historic Theatre
July 21, 2008 | The Real Deal
Two Brooklyn cultural groups will occupy space in the restored Strand Theatre on Fulton Street in the BAM Cultural District. The historic theatre, built in 1918, will undergo a renovation with construction slated to begin in 2009 and be completed in 2010. The $17.3 million project is being funded by the Mayor’s Office, the Brooklyn Borough President’s office and city council.
July 20, 2008 | New York Daily News
Many South Bronx residents never thought the Hub would ever be developed, but since The Related Companies built a two-story retail/office complex on the corner of Third Avenue and E. 156th Street, neighbors have been pleased with the increased retail amenities. The Related Companies is now considering entering into a joint-venture on another project in the area at E. 149th Street. The current design of the Plaza at the Hub has 375,000 square-feet of retail, 250 units of housing, a large supermarket, a movie theater, and approximately 1,000 parking spaces. Real estate brokers say the project would have the potential to bring in some large national chains like Target. Smaller building owners in the area who are looking to lease say that they have had many inquiries and feel that the retail market is strong in the Hub.