The Real Deal New York

From the May issue: Only a handful of developers who own the nearly 600 stalled construction sites in New York City are participating in a city program in which developers maintain their sites in exchange for an extension of their building permits, Robert LiMandri, commissioner of the city’s Department of Buildings, said last month. Owners of a dozen sites out of the 572 stalled sites the city is tracking are in talks with the city, LiMandri said. But he expected that number to rise in the next few months as the developers come up against expiring permits. Under DOB regulations, a site that is stalled for 12 months must reapply for its permits. If a developer does not join the program and its permits expire, it will have to reapply under the new 2008 building code, which would be difficult and costly. Click here for more of this month’s government briefs.